Natural Gas and Oil Forecast: WTI Tests $59 Support as Traders Eye Triangle Breakout

Market Overview

WTI crude oil fell to around $59.30per barrel, extending losses as traders focused on oversupply concerns despite ongoing geopolitical risks. Markets remain under pressure from expectations of a surplus through early 2026 as both OPEC and non-OPEC output rises while demand growth slows.

Meanwhile, global tensions continue to inject volatility into oil and natural gas markets, with disruptions in key shipping routes and production hubs posing intermittent supply threats.

However, these risks have so far failed to offset bearish fundamentals, leaving crude and gas prices vulnerable to further downside in the near term.

Natural Gas Price Forecast

Natural Gas is trading around $4.33, slipping below its ascending channel support on the 4-hour chart, a signal that bullish momentum is losing strength. The price has also fallen under the 50-EMA near $4.41, now acting as immediate resistance, while the 200-EMA sits lower around $4.11 as potential support.

The RSI hovers around 40, reflecting bearish momentum but not yet oversold conditions, suggesting room for further downside before a recovery attempt. If sellers push the price below $4.27, the next targets lie near $4.11 and $3.98.

However, a rebound above $4.41 would indicate renewed buying interest, potentially driving a move toward $4.70.

WTI Oil Price Forecast

WTI crude oil is trading around $59.30, consolidating within a symmetrical triangle pattern that’s been forming since early October. The price is testing support near $59.25, with the next key level at $58.27. The 50-period EMA is acting as short-term resistance near $60.40, while the 200-EMA caps gains around $61.25.

The RSI sits close to 45, suggesting neutral momentum as traders await a breakout. A move below $59.00 could trigger further declines toward $57.35, while a breakout above $60.40 might open the path toward $62.46.

Brent Oil Price Forecast

Brent crude oil is trading near $63.65, staying range-bound within a tightening symmetrical triangle that’s been forming since early October. Price action remains trapped between resistance at $64.50 and ascending support near $63.00. The 50-period EMA sits slightly above current levels, while the 200-EMA around $64.80 continues to act as a ceiling for any upside moves.

Momentum indicators show indecision — the RSI near 45 signals balanced sentiment, neither confirming a strong bullish nor bearish bias. A clear break below $63.00 could trigger downside toward $62.35 and $61.25, while a breakout above $64.50 might lead to a retest of $65.30 and $66.70.