Natural Gas and Oil Forecast: Is a Breakout Above $73.85 on the Cards for Brent?

Market Overview

WTI crude oil futures held steady above $69 per barrel on Wednesday, supported by a risk premium linked to escalating geopolitical tensions. While heightened uncertainty weighed on energy markets, partial production resumption at Europe’s largest oilfield, Johan Sverdrup, provided some relief.

Simultaneously, a sharp 4.8-million-barrel increase in U.S. crude inventories far exceeded expectations, adding downward pressure.

Global energy markets remain balanced between supply concerns and easing tensions in some regions, with oil prices reflecting a mix of geopolitical risks and inventory-driven adjustments. Natural gas markets, similarly, face volatility as traders assess supply stability amid ongoing global uncertainties.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $3.16, up 0.57%, and showing strong momentum above its pivot point at $2.92. The 50-day EMA, also at $2.92, reinforces this as a critical support level.

Immediate resistance is at $3.02, followed by $3.06 and $3.12, indicating a bullish push could gain traction if prices break higher. On the downside, $2.87 is the first line of defense, with additional support at $2.82 and $2.77.

The chart suggests a bullish outlook as long as prices stay above $2.92. However, a break below this pivot could invite sharper selling pressure, signaling a shift in sentiment. Watch for a sustained move above $3.12 to confirm the continuation of the upward trend.

WTI Oil Price Forecast

USOIL is trading at $69.17, down 0.13%, and stuck in a tug-of-war near its pivot point at $68.82. The 50-day EMA at $68.87 reinforces this level as a key support zone. Immediate resistance is at $69.69, aligned with a downward trendline, making it a critical level to watch.

If prices can break above $69.69, further resistance lies at $70.32 and $71.00, paving the way for a potential bullish breakout. On the downside, immediate support is at $67.99, with deeper levels at $67.28 and $66.68.

For now, the chart suggests a cautious tone—bullish momentum hinges on clearing $69.69, while a drop below $68.82 could trigger sharper selling pressure.

Brent Oil Price Forecast

Brent Oil (UKOIL) is trading at $73.16, down 0.14%, and hovering near its pivot point at $73.07. This level aligns closely with the 50-day EMA at $72.76, offering strong technical support.

Immediate resistance is at $73.85, followed by $74.43 and $74.98. A break above $73.85 could signal renewed bullish momentum, setting the stage for higher targets.

On the flip side, immediate support lies at $72.25, with further downside risks at $71.52 and $70.67 if selling pressure intensifies.

The current setup suggests a bullish outlook above $73.07, but a drop below this level could quickly shift the tone to bearish. Keep an eye on $73.85—clearing this level could reignite optimism in the market.