Natural Gas and Oil Forecast: Brent, WTI Gain 1% Amid Hurricane Impact & Middle East Risks

Market Overview

Oil prices eased slightly on Friday after the previous day’s rally, but both Brent and WTI benchmarks still pointed toward a second consecutive weekly gain of 1%-2%. Investors are carefully monitoring the impact of Hurricane Milton, which caused significant damage in Florida and could lower U.S. fuel consumption.

Additionally, geopolitical tensions in the Middle East are heightening supply concerns. The potential for broader disruption remains if tensions escalate further, influencing oil market volatility.

With Brent hovering around $79 and WTI at $75.50, continued uncertainty may drive further fluctuations in natural gas and oil forecasts in the coming weeks.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $2.90, up 0.07% on the day, after finding solid support near the $2.70 pivot point. The price has been consolidating just below its 50-day Exponential Moving Average (EMA) of $2.71 and the 200-day EMA at $2.68, both of which serve as key resistance levels.  Immediate resistance stands at $2.76, with further resistance at $2.79 and $2.83.

On the downside, support levels are seen at $2.63, followed by $2.59 and $2.54. Given the bearish sentiment below $2.70, a break above this level could shift momentum back to the bulls.

For now, the technical outlook remains cautious, as traders watch for any decisive moves beyond these pivotal levels.

WTI Oil Price Forecast

USOIL (WTI) is trading at $75.68, up 0.17% today. Despite this modest uptick, the price is hovering near its immediate resistance at $76.20, a critical level reinforced by a downward trendline.

If oil can break above $76.20, it could trigger further gains, targeting the next resistance levels at $77.40 and $78.44. On the downside, immediate support is at $73.40, with deeper support at $72.31, just above the 200-day EMA of $72.29.

The 50-day EMA at $74.32 offers additional support, keeping buyers engaged. For now, oil remains in a cautiously bearish stance below $76.20, but any clear breakout above this level may shift sentiment back towards a bullish trend.

Brent Oil Price Forecast

UKOIL (Brent) is trading at $79.19, up a modest 0.03% so far. The price is hovering just above its pivot point of $78.81, signaling a cautiously bullish outlook. Key resistance levels to watch include $79.66 and $80.27, followed by a more substantial barrier at $81.14.

Support remains firm at $77.96, with deeper levels at $77.13 and $76.00. The 50-day EMA, sitting at $77.79, is currently acting as a support line, while the 200-day EMA at $75.76 shows longer-term stability.

If Brent holds above the pivot, it’s likely to attract more buyers. However, a break below $78.81 could trigger a sharper decline, potentially driving prices back toward the $77.00 level.