Natural Gas and Oil Forecast: Brent Rises as Norway Halts Major Oilfield Output

Market Overview

Oil prices climbed as supply disruptions and escalating geopolitical tensions tightened global energy markets. A power outage halted production at Norway’s Johan Sverdrup oilfield, while Kazakhstan’s Tengiz field reduced output by up to 30% due to repairs.

These supply constraints added upward pressure to prices, alongside heightened uncertainty stemming from geopolitical risks in Eastern Europe. Analysts noted that investor caution persists as markets assess potential energy market disruptions.

Meanwhile, WTI futures flipped to contango for the first time since February, signaling an easing in near-term supply pressures despite the overall tightening of global crude inventories.

Natural Gas Price Forecast

Natural Gas (NG)  is trading at $2.953, with strong support at the 50 EMA at $2.881 and the 200 EMA at $2.775. The price is forming a bullish ascending triangle pattern, with resistance at $3.015.

A breakout above this level could pave the way for a test of $3.073 and potentially $3.117.

However, failure to breach $3.015 may lead to consolidation or a pullback toward $2.883 or $2.831.

WTI Oil Price Forecast

WTI Crude Oil (USOIL) is trading at $69.17, with the 50 EMA at $68.60 acting as immediate support and the 200 EMA at $69.60 forming resistance. The price is consolidating below $69.69, a key resistance level that aligns with previous highs.

A breakout above $69.69 could signal bullish momentum toward $70.32 and $71.00. On the downside, a break below $68.88 may expose the $67.93 support level.

Brent Oil Price Forecast

Brent Crude Oil (UKOIL) is trading at $73.34, holding above the 50 EMA at $72.32 and the 200 EMA at $73.21, signaling short-term bullish momentum. Resistance levels lie at $73.93 and $74.98, while immediate support is at $73.09 and $72.40.

The price recently broke above a descending trendline, suggesting a potential shift toward an upward trend. If Brent sustains above $73.93, it could target $74.98.

However, a failure to hold support at $73.09 might lead to a retest of $72.40, making these levels crucial for traders watching for confirmation of further moves.