Natural Gas and Oil Forecast: Can WTI Rebound After 6M Barrel Inventory Shock?

Market Overview

WTI crude fell nearly 3% to around $69 per barrel as geopolitical tensions and renewed trade barriers weighed on risk sentiment. Although energy imports were excluded from new tariff measures, broader economic concerns stoked fears of weaker global demand.

At the same time, U.S. crude inventories surged by 6.165 million barrels—well above the expected 2-million-barrel draw—driven by a sharp rise in Canadian imports.

On the supply side, Russia’s move to restrict exports from major ports added further uncertainty. As investors brace for the upcoming OPEC+ meeting, volatility remains elevated across oil and natural gas markets.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $4.03, slipping 0.27% on the day, but still holding above its key pivot at $3.93. That level’s been acting like a floor—if it holds, bulls might stay in the game. Immediate resistance sits at $4.09, and above that, the $4.24 mark could come into play.

Technically, it’s in a tight spot: the 50 EMA is at $4.01 and the 200 EMA is right where price is now—$4.03—suggesting a possible tug-of-war ahead. If price drops below $3.93, the downside opens toward $3.84 and even $3.76.

But as long as it floats above the pivot, the short-term bias stays cautiously bullish. Momentum isn’t explosive, but it’s steady—just enough to keep both sides watching closely.

WTI Oil Price Forecast

Crude oil (USOIL) is trading at $69.11, down 0.53%, after bouncing off the pivot point at $70.32. It’s now testing resistance near $72.94, a level that’s capped recent rallies. The 50 EMA sits at $70.48, with the 200 EMA lower at $69.30, suggesting bullish momentum is still intact—at least for now.

But it’s a fragile setup. A drop below $70.32 could open the door toward $68.89 and even $67.92. On the flip side, a decisive break above $72.94 could spark further buying.

Right now, traders are watching the pivot closely—it’s the line between confidence and caution. Price action is choppy, and without a clear breakout, crude remains vulnerable to short-term swings driven by sentiment and supply headlines.

Brent Oil Price Forecast

Brent crude (UKOIL) is trading at $72.92, down 0.50% on the day, and sitting just below its pivot point at $73.37. That level has become a dividing line—below it, the market leans bearish. The 50 EMA at $73.81 and the 200 EMA at $72.76 are beginning to converge, hinting at a possible inflection point.

Immediate resistance stands at $74.56, while support rests nearby at $72.26. A drop below that could bring $71.51 into focus. For now, traders are cautious. Brent isn’t making a strong directional move, and unless it reclaims $73.37 and holds above $73.81, upside momentum will remain limited.

The setup reflects a market waiting for a clearer narrative—either from supply data or broader macro signals.