Natural Gas and Oil Forecast: Market Awaits OPEC+ Decision on Production

Market Overview

Crude oil prices edged higher as markets responded to supply concerns stemming from geopolitical tensions and adverse weather conditions. A 30%-40% reduction in oil flows through the Caspian Pipeline Consortium (CPC) has tightened market supply, equating to a potential 380,000 barrels per day cut.

Additionally, severe winter conditions in North Dakota may lead to a 150,000 bpd production drop, further straining output.

Investors are also monitoring OPEC+ supply strategies, with speculation that the group may delay planned production increases in April. Meanwhile, uncertainty surrounding international peace talks has created volatility in global energy markets, with traders weighing the potential for sanction adjustments and policy shifts.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $3.98, up 0.20%, as buyers push prices toward key resistance levels. The commodity is showing bullish momentum, holding above the $3.95 pivot point, a level that now acts as immediate support. If NG maintains its strength, the next upside target is $4.17, followed by a more significant barrier at $4.34.

On the downside, $3.77 serves as key support, with further weakness potentially exposing $3.56. The 50-day EMA at $3.61 is reinforcing bullish sentiment, while the 200-day EMA at $3.37 suggests long-term stability.

For now, natural gas remains in an uptrend, but a break below $3.95 could trigger a quick pullback. Traders should watch for a decisive move above $4.17 to confirm continued bullish momentum.

WTI Oil Price Forecast

WTI crude oil (USOIL) is trading at $71.99, down 0.03%, as it hovers near the $71.59 pivot point. The market remains cautiously bullish, supported by the 50-day EMA at $71.61, which aligns with current price levels. A breakout above $72.62 could trigger an advance toward $73.65, reinforcing positive momentum.

However, downside risks remain. If $71.59 fails to hold, immediate support at $70.32 comes into play, with further losses potentially driving prices toward $69.28. The 200-day EMA at $72.57 acts as a strong overhead barrier, limiting sharp rallies.

Traders should watch for a decisive move above $72.62 for confirmation of a trend reversal, while a break below $71.59 could invite fresh selling pressure.

Brent Oil Price Forecast

Brent crude (UKOIL) is holding steady at $76.00, slipping -0.04%, but traders are eyeing $75.68 as the line in the sand. Staying above this pivot keeps the bullish case intact, with resistance looming at $77.05 and $77.85.

On the downside, support rests at $74.87, with a deeper safety net at $74.03. The 50-EMA ($75.46) is catching up to price action, while the 200-EMA ($76.04) suggests a tug-of-war between short-term momentum and broader pressure.

A break above resistance could open the door for a push higher, but losing $75.68 may invite heavier selling. Bulls have control for now, but the next move hinges on whether support holds or cracks under pressure.