Natural Gas and Oil Forecast: WTI at $62 – Break or Slide to $60?

Market Overview

WTI crude futures have been hovering at around $62.8 per barrel, after a rare stretch of two consecutive weeks in the red, as market players try to grapple with a mix of fresh geopolitical tensions and an oil surplus that just keeps getting bigger. Everyone with a stake in oil has been keeping a very close eye on the diplomatic squabbles among major producers, where any kind of deal on sanctions could have a big impact on how much oil gets shipped out.

The International Energy Agency is still predicting a pretty massive supply surplus by 2026, and they’ve actually cut back on their demand growth forecasts too. Moreover, to make matters worse for oil and natural gas prices, some OPEC members are already talking about opening the taps for higher output as early as April, which is just adding to the downward pressure on both markets.

Natural Gas Price Forecast: NGH2026 Holds $2.99 as $3.33 Caps Upside

Natural Gas (NG) is currently trading at around $2.99 on the 4 hour chart, stuck in a tight range just below the 0.236 Fibonacci level at $3.33. Lately, the candles have been showing some smaller bodies and tight ranges, which suggests that the market is taking a bit of a breather after that big run up to $4.38.

The 50-period moving average is flattening out around $3.10 and is acting as a bit of a near-term speed bump for price, while the rising trendline from late January is still supporting the price at $2.90.

A bit deeper down, we have support at $2.67 (0.382 Fibo). If we do see a break above $3.33 then $3.90 is back on the radar, while a move below $2.90 may see us retesting $2.67.

Trade idea: Look to go long if price breaks above $3.35, then target $3.90, stop loss below $2.88.

WTI Crude Oil Price Analysis: USOIL Holds $62 Support as Trendline Squeeze Builds

WTI Crude (USOIL) is currently trading at $62.90 on the 4 hour chart and its just clinging to the rising trendline support at $62.35. Price actually bounced off resistance at $65.12 and $66.45 recently, but instead of making new highs, we saw the formation of lower highs. The candles are looking a bit tired with smaller bodies, which suggests that the upward momentum is losing steam.

The 50-period moving average at $63.82 is acting as a bit of a speed bump for price right now, while the 200-period MA at $61.23 is still looking pretty constructive overall.

If we do see a break below $62.35, then look for a retest of $61.23 and $60.14. On the flip side, if price can recover above $63.80 then $65.10 becomes a real possibility.

Trade idea: Look to go long if price breaks above $63.80, target $65.10, stop loss below $62.30.

Brent Crude Oil Price Analysis: UKOIL Defends $67 Trendline Support, $70 in Focus

Brent Crude (UKOIL) is currently trading at $67.76 on the 4 hour chart and its managed to hold above the rising trendline support at $67.07. Lately, we’ve seen some nice higher lows after that big pullback from $70.55 – it looks like buyers are starting to circle the wagons near support.

The 50-period moving average at $68.00 is acting as a bit of resistance at the moment, but the 200-period MA at $65.50 is still giving the broader picture a positive spin.

The immediate resistance level is $69.44, then $70.55 and $71.54 after that. If we do see a break below $67.00, then look for a test of $65.50.

Trade idea: Look to go long if price breaks above $68.20, then target $69.40-$70.50, stop loss below $66.90.