Natural Gas and Oil Forecast: WTI Builds Base Above $62 as Buyers Regain Control

Market Overview

WTI crude oil steadied above $62.60 per barrel on Thursday, fluctuating within a tight range as easing geopolitical tensions tempered market volatility. Despite a second weekly rise in U.S. crude inventories, total stockpiles remain near seasonal lows, signaling resilient underlying demand.

The EIA reported refined product inventories falling and total petroleum products supplied climbing to 21.99 million barrels per day, the highest since December 2022.

Traders say the supply-demand balance remains finely poised, with risk sentiment improving but uncertainty over global energy flows keeping price gains limited. Brent crude hovered near $66.30, reflecting cautious optimism in global oil markets.

Natural Gas Price Forecast

Natural Gas futures are trading near $3.31, easing after a sharp drop from last week’s high around $3.52. On the 4-hour chart, the price has slipped below the short-term ascending channel, signaling waning bullish momentum. The 50-EMA ($3.36) and 200-EMA ($3.33) now act as immediate resistance, while the next support rests near $3.25 and $3.18.

Momentum has cooled, with the RSI near 40, suggesting limited buying strength but no clear oversold signal yet.

A rebound above $3.37 could restore upward momentum toward $3.52, while continued rejection below $3.30 risks a deeper correction toward $3.16. Overall, the bias remains neutral-to-bearish in the short term.

WTI Oil Price Forecast

WTI Crude Oil is trading near $62.70, showing mild recovery after bouncing from the $61.80 support zone. On the 4-hour chart, price is testing resistance at the 32.8% Fibonacci retracement and the 50-EMA at $62.27, while the 200-EMA at $63.19 remains a key ceiling for further upside.

The short-term trend has turned cautiously bullish, supported by a rising trendline from the $60.40 low. A break above $63.20 could open the path toward $64.10 and $65.10, while a drop below $61.80 risks a pullback toward $60.40.

The RSI near 58 signals improving momentum but not yet overbought conditions, suggesting prices may consolidate before attempting another push higher.

Brent Oil Price Forecast

Brent Crude Oil is trading around $66.34, extending gains after rebounding from key support near $65.50. On the 4-hour chart, price action remains confined within a rising channel, signaling a gradual recovery phase following the recent selloff.

The 50-EMA at $66.00 and 200-EMA at $66.86 are converging, forming a short-term decision zone. A sustained break above $66.90 could drive prices toward $67.64 (61.8% Fibonacci retracement) and later $68.30, while immediate support lies near $65.50–$64.80.

The RSI near 58 shows improving momentum, confirming that buyers are regaining control without entering overbought territory. As long as Brent holds above $65.50, the broader bias stays constructive, with dips likely to attract fresh buying interest.