Natural Gas and Oil Forecast: WTI Coils Below Trendline, Break Above $64 Could Target $66

Market Overview

WTI crude traded near $63.47 per barrel on Tuesday, consolidating after two days of gains as energy markets weighed fresh supply risks. Recent disruptions at a major Russian refinery, with capacity of 355,000 barrels per day, and earlier damage to an export hub handling up to 1 million bpd, underscored vulnerability in global supply chains.

Meanwhile, reports of potential EU sanctions on firms linked to Russian oil flows added further uncertainty. Traders are also watching for a possible Federal Reserve rate cut, which could lift fuel demand, keeping oil and gas markets finely balanced between risk and opportunity.

Natural Gas Price Forecast

Natural gas is trading at $3.02, holding above its rising trendline that’s been intact since late August. The 50-EMA at $3.01 is acting as immediate support, while the 200-EMA at $3.06 is capping upside momentum, creating a narrow squeeze zone. This compression often precedes a breakout.

Price action has been choppy, with recent candles showing long wicks, reflecting a tug-of-war between buyers and sellers. The RSI sits at 54, neutral but tilting higher, suggesting mild bullish pressure.

If buyers clear $3.06, the next test sits at $3.14, followed by $3.21. On the downside, a break below $2.99 risks retests of $2.89 and $2.81. For now, natural gas is coiling, with traders watching closely for which side wins the breakout.

WTI Oil Price Forecast

WTI crude oil is trading at $63.47, sitting just below key resistance at $64.07. The 4-hour chart shows price pressing against a descending trendline while holding above the 50-EMA at $63.14. The 200-EMA at $64.00 adds another barrier, making this zone critical for direction.

Candlestick structure has shifted into tighter ranges, reflecting hesitation before a potential move. The RSI at 56 leans slightly bullish, suggesting buyers are trying to regain control.

A close above $64.07 could open the way toward $65.00 and $66.00, while failure to clear this zone may trigger a pullback to $62.40 or even $61.50. For now, the battle between bulls and bears hinges on whether $64 can be decisively broken.

To build a disciplined strategy in oil and gas markets, it’s essential to study How To Trade Crude Oil Like a Pro Quant: Strategies For Futures, Options & ETFs.

Brent Oil Price Forecast

Brent crude oil is trading at $67.55, consolidating inside a symmetrical triangle pattern on the 4-hour chart. This setup reflects indecision, as buyers and sellers converge toward a breakout point. The 50-EMA at $67.07 and the 200-EMA at $67.42 are nearly overlapping, reinforcing the importance of this price zone.

Candlesticks remain tight, with smaller bodies and wicks showing hesitation.
The RSI at 56 suggests moderate bullish momentum without overbought conditions. A breakout above $68.49 would likely trigger a push toward $69.50, while a downside break under $66.74 risks retests of $65.73 and $65.08.