Natural Gas and Oil Forecast: WTI Faces Pressure Near $67, Traders Eye $65.56 Zone

Market Overview

Crude oil prices held steady in early trading, with Brent at $69.32 and WTI at $66.14 per barrel, each edging up 0.1%. Market participants are cautiously assessing the impact of new European sanctions on Russian-linked oil products and monitoring ongoing global trade negotiations.

Analysts at ING noted muted price reactions, citing skepticism over the sanctions’ enforcement. However, the EU’s ban on imports of refined products processed from Russian crude in third countries could pose broader supply risks.

Traders are also eyeing signs of tightening supply and upcoming policy decisions, adding to uncertainty across energy markets amid heightened geopolitical tensions.

Natural Gas Price Forecast

Natural gas has sharply broken below its ascending channel, now trading near $3.39, following a swift sell-off from the $3.60–$3.61 area. The move also sliced through the 50-EMA ($3.49) and 100-EMA ($3.47), confirming a near-term bearish shift in momentum.

Immediate support is seen around $3.29, followed by $3.22 and $3.15 if downside pressure continues. A break below $3.29 could open the door to deeper losses.

On the upside, reclaiming $3.51 is critical for bulls to regain momentum. Only a decisive close back inside the rising channel would invalidate the breakdown and suggest a rebound toward $3.60–$3.69.

WTI Oil Price Forecast

WTI crude oil is currently trading near $67.20, showing signs of consolidation after a failed breakout above $68.50. Price action is hovering around the 50-EMA ($67.30) and 100-EMA ($67.27), indicating indecision and a lack of strong directional momentum.

The recent rejection near the $69.00 resistance suggests bulls are losing steam. If sellers push below $67.00, the next key support zones lie at $66.00, followed by $65.56, which aligns with the ascending channel base.

On the upside, a move back above $67.75 could bring the $68.60 level back into play, with a potential retest of $69.00. A clean breakout above this range could open the door toward $70.56 and $72.10.

Brent Oil Price Forecast

Brent crude is trading around $69.05, sitting just at the lower bound of short-term support within a rising channel. Price action is compressing between the 50-EMA ($69.23) and 100-EMA ($69.16), signaling reduced volatility and a potential breakout setup.

If bulls defend the $69.00 psychological level, the next upside targets include $70.59 and $71.50, with a broader channel resistance near $72.83. A strong move above $70.60 would confirm bullish continuation inside the ascending structure.

However, if sellers push below $68.90, Brent risks falling toward $67.66, with deeper downside toward $66.88 and $65.74 if support fails.