Natural Gas and Oil Forecast: WTI Bears Fade, $58.3 Support May Fuel Surprise Rebound

Market Overview

WTI crude oil price slipped to $59.1 per barrel on Monday, snapping momentum after four consecutive weekly gains. The pullback comes as geopolitical tensions in Iran eased, with President Donald Trump signaling a pause on military action following Tehran’s pledge to halt executions of protesters. Still, Trump warned that “strong measures” could return if executions resume, keeping a modest risk premium in play.

At the same time, traders are weighing renewed trade frictions after Trump announced a 10% tariff on goods from eight European nations, set to rise to 25% by June unless a deal is struck over Greenland. While global supply remains ample, localized shortages from Kazakhstan’s Black Sea disruptions continue to temper downside pressure.

Natural Gas Price Forecast

Natural Gas futures are trading around $3.449, showing strong recovery momentum after breaking a descending trendline. The 2-hour chart highlights a sharp 11.15% gain, with price pushing above key resistance at $3.357 and now testing the $3.500 level. RSI is trending upward but remains below overbought territory, suggesting room for continuation.

Moving averages are beginning to slope upward, confirming bullish sentiment. If price holds above $3.500, the next targets lie at $3.543 and $3.675. However, failure to maintain current levels could lead to a retest of support at $3.357 or $3.213.

WTI Oil Price Forecast

WTI crude oil is trading at around $59.06 with a slightly bearish bias. Most of it is due to easing geopolitical tensions in Iran and renewed trade concerns. The 2-hour chart reveals price hovering around the 0.5 Fibonacci retracement level at $59.05, with resistance at $59.83 and $61.04. RSI is trending downward, suggesting fading momentum.

A rising trendline offers support near $58.27, aligning with the 0.618 retracement level. If price breaks below this zone, further downside toward $55.75 is possible. However, localized supply disruptions from Kazakhstan and lingering risk premiums may limit losses. A breakout above $59.83 could revive bullish sentiment, targeting $62.35.

Brent Oil Price Forecast

Brent crude oil is trading near $63.84, showing signs of consolidation after a modest pullback. In the 2-hour timeframe, the trading chat reveals price action hovering between the 0.5 Fibonacci retracement level at $63.31 and resistance at $64.13. Leading indicator, RSI, is exhibiting that the momentum is neutral. Typically, it means neither overbought nor oversold conditions.

A rising trendline offers support near $62.49, aligning with the 0.618 retracement level. Suppose Brent breaks above $64.13. With volume confirmation, it could target the $66.80 zone. However, failure to hold above $63.31 may lead to a retest of $62.49 or even $61.00.