Natural Gas, WTI Oil, Brent Oil Forecasts – Oversupply Pressures and Key Technical Levels Signal Bearish Outlook

Energy Prices Under Pressure: Brent, WTI, and Natural Gas Outlook

Brent crude, WTI oil, and natural gas all weakened this week, pressured by oversupply concerns and shifting demand expectations. Traders are weighing bearish headlines from the International Energy Agency (IEA) against potential demand support from expected Federal Reserve rate cuts next week. The broader energy complex remains volatile as markets juggle oversupply risks, geopolitical tensions, and uncertain consumption trends.

Natural Gas: Bears Retake Control

Natural gas futures slid 3.5% to $2.92, reversing early September gains. Weak U.S. power burn demand and ample storage levels are undermining prices, despite recent weather-driven volatility. Traders remain cautious as supply growth outpaces demand recovery.

Technically, gas is capped below the 50-day moving average at $3.200, with the 200-day much higher at $3.932. Resistance sits at $3.200 and $3.238, while support is seen in the $2.947 to $2.887 zone and the $2.695 to $2.647 area, the late-August low.

Brent Crude: Rejected at 50-Day

Brent crude fell 1.8% to $66.07 on Thursday, pressured by oversupply concerns after the IEA signaled stronger supply growth. The contract failed to break above the 50-day moving average at $67.70, leaving near-term momentum weak.

Resistance: First resistance is the 50-day at $67.70, followed by the pivot high at $69.33, and the 200-day moving average at $69.76.

Support: Nearest support is the bottom at $64.92, followed by another bottom at $64.73.

Brent remains bearish while trading under the 50-day moving average.

WTI Crude: Break Below 200-Day Moving Average

WTI crude dropped 2.2% to $62.29 on Thursday, extending losses after breaking below the 200-day moving average at $63.31 earlier in the session. The failure to hold this long-term level confirms a bearish shift.

Resistance: First resistance is the 200-day at $63.31, followed by the 50-day moving average at $64.40 and the long-term pivot at $64.56.

Support: Immediate support is the bottom at $61.45, followed by the August bottom at $61.12.

WTI stays bearish while trading below the 200-day moving average.

More Information in our Economic Calendar.