Natural Gas and Oil Forecast: WTI and Brent Rebound Faces $62–$64 Ceiling Test

Market Overview

Oil and natural gas prices slipped on Friday, capping a third consecutive monthly decline as stronger global supply and a firm U.S. dollar outweighed the impact of geopolitical tensions.

Brent and WTI are both down roughly 3% in October, pressured by weak manufacturing data from China and record U.S. output of 13.6 million barrels per day.

OPEC+ members have raised combined production by over 2.7 million barrels per day, about 2.5% of global supply, with Saudi exports hitting a six-month high of 6.4 million bpd. Rising output to cushion volatility, keeping energy markets under pressure despite lingering global risks.

Natural Gas Price Forecast

Natural Gas (NG) is trading near $4.09, breaking out of a symmetrical triangle pattern that has been forming over the past two weeks. The breakout above $4.07 signals renewed bullish momentum, supported by a strong bounce from the ascending trendline near $3.79.

Both the 50-EMA ($3.87) and 200-EMA ($3.82) have turned upward, hinting at improving medium-term sentiment. The RSI at 66 suggests growing buying strength but is approaching overbought territory, which may prompt short-term profit-taking before another push higher.

If Natural Gas holds above $4.07, the next targets sit at $4.24 and $4.37, with potential for an extended move toward $4.58. Conversely, a drop below $3.87 would invalidate the bullish setup and expose support near $3.65.

WTI Oil Price Forecast

WTI Crude Oil is trading near $60.12, hovering just above the 38.2% Fibonacci retracement level at $60.03, as traders weigh near-term momentum. The price remains capped by a descending trendline around $62.50, keeping the broader structure tilted sideways. The 50-EMA ($60.17) is flattening, while the 200-EMA ($60.99) overhead continues to act as dynamic resistance.

The RSI at 46 indicates mild consolidation, with neither bulls nor bears in clear control. A sustained break above $60.80 could open room for a test of $62.50, while failure to hold $59.25 may push prices toward $58.50 and $57.25.

Brent Oil Price Forecast

Brent Crude Oil is trading near $63.98, consolidating just below the 38.2% Fibonacci retracement at $64.11. The price remains trapped between the 50-EMA ($64.04) and 200-EMA ($64.80), highlighting short-term indecision as traders await a clear breakout.

The broader trend shows a descending resistance line near $66.60 and an ascending support trendline around $62.50, forming a tightening structure. The RSI at 47 suggests neutral momentum, while recent small-bodied candles indicate limited conviction from either side.

A break above $64.20 could push Brent toward $66.00–$66.60, while a dip below $62.50 might open the door toward $61.30 or $60.00. Until then, the market remains in a coiling phase, waiting for a trigger to define direction.