Natural Gas and Oil Forecast: WTI Eyes $67 as Iran Sanctions Stoke Supply Fears

Market Overview

WTI crude surged above $64 per barrel on Thursday, marking a second straight gain as fresh U.S. sanctions on Iran and a Chinese refinery stoked fears of tighter global supply. OPEC+ reinforced the outlook by confirming deeper production cuts from Iraq and Kazakhstan.

Despite this, major institutions like OPEC, the IEA, Goldman Sachs, and JP Morgan have trimmed demand forecasts due to slowing growth and trade uncertainty. Rising U.S. stockpiles temper the rally.

For gold, silver, and copper, renewed energy inflation risks may lift safe-haven demand, while weakening growth keeps industrial metals like copper under pressure.

Natural Gas Price Forecast

Natural gas is trading at $3.248, stuck beneath a firm descending trendline stretching from the April highs. The price is hugging resistance at $3.334, with a break above needed to change the bearish tone. Immediate resistance is $3.334, followed by $3.451.

On the downside, key support rests at $3.205, then deeper at $3.088. The 50 EMA at $3.338 is still sloping down, signaling pressure remains on the sellers. The broader structure shows consolidation below the trendline, suggesting hesitation rather than capitulation.

WTI Oil Price Forecast

Brent Oil Price Forecast

Brent crude is pushing higher, currently trading at $67.72 after cleanly breaking above the $65.99 resistance zone, which has now turned into a support shelf. The pivot point sits at $68.15, just overhead, where prices briefly stalled. Immediate resistance is at $70.21, with a stronger cap near $72.21.

On the downside, $65.99 is the key support, followed by $64.23. The 50 EMA at $65.57 is upward sloping and acting as dynamic support, helping guide the uptrend. Price is holding above a clean ascending trendline that’s been in play since early April.

Brent’s breakout above consolidation suggests buyers are in control, but a daily close above $68.15 is needed to confirm the bullish continuation.