Natural Gas, WTI Oil, Brent Oil Forecasts – Bearish Market Today on Inventory Builds

Brent Oil Prices Forecast: Supply Talks Keep Bulls in Check

Brent crude settled at $64.29, staging a modest rebound but staying under pressure following reports that OPEC+ may increase output by 411,000 bpd in July. The move, seen as a shift toward regaining market share, comes as U.S. crude inventories unexpectedly rose by 1.3 million barrels last week. Weak demand and high imports continue to weigh on sentiment.

Brent remains technically vulnerable, capped below $68.69 and unable to reclaim its 50-day average, keeping the path of least resistance to the downside.

Outlook: Bearish, with price capped by supply expectations and soft demand data.

WTI Crude Oil News Today: EIA Build and OPEC+ Threat Sink Prices

WTI crude dropped to $61.02 after EIA data showed rising inventories, defying expectations of a draw. The unexpected build, combined with weak gasoline and distillate demand, signals oversupply.

WTI continues to trade below its 50-day moving average and faces resistance at $61.89, where recent rallies have failed. Traders are also factoring in potential increased OPEC+ volumes, with added pressure from likely U.S. crude exports competing abroad.

Outlook: Bearish, with weak technicals and fundamentals driving further downside risk.

Natural Gas Prices Projections: Oversupply and Resistance Levels Reinforce Bearish Tone

Natural gas futures fell 3.59% to $3.247/MMBtu after a larger-than-expected 120 Bcf storage injection, pushing total inventories to 2,375 Bcf—90 Bcf above the five-year average. This was the fourth consecutive triple-digit build, adding pressure to already bearish fundamentals.

Technically, the June contract failed to hold above $3.32 and now faces stiff resistance between $3.60 and $3.95. Price action is weakening, with lower highs forming and downside risk toward support around $3.02–$2.87 increasing. Without a demand catalyst, bulls remain sidelined.

Outlook: Bearish, as both technicals and storage trends point to further weakness.

More Information in our Economic Calendar.