Natural Gas and Oil Forecast: OPEC+ & EIA Data to Drive Next Big Move

Market Overview

Oil prices retreated midweek as rising U.S. crude stockpiles and improving supply conditions in Libya weighed on sentiment. The market remains under pressure as investors assess the impact of potential U.S. tariffs on Canadian and Mexican oil imports, which could disrupt trade flows.

Canada and Mexico collectively supply over 4.6 million barrels per day to the U.S., making policy shifts a key factor for price movements. Meanwhile, weak economic data from China and concerns over energy demand for AI-driven data centers have dampened the outlook.

Traders now await EIA inventory data and potential OPEC+ policy adjustments in response to evolving market conditions.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $3.07, down 0.52%, as bearish momentum continues to weigh on prices. The commodity remains under pressure after breaking below the $3.12 pivot point, signaling a potential continuation of the downtrend. Immediate support lies at $2.98, with a further decline targeting $2.83 if selling pressure intensifies. On the upside, resistance at $3.26 and $3.47 will challenge any recovery attempts.

Technical indicators paint a cautious outlook. The 50-day EMA at $3.34 and the 200-day EMA at $3.40 indicate that NG is trading well below key moving averages, reinforcing a bearish stance. A sustained move above $3.12 could shift momentum, but as long as NG remains below this level, sellers remain in control.

WTI Oil Price Forecast

U.S. crude oil (USOIL) is trading at $73.57, down 0.44%, as the market struggles against a downward trendline that continues to cap recovery attempts. The pivot point at $73.97 is a critical level—remaining below it signals sustained bearish pressure. Immediate support stands at $72.51, with further downside risks extending to $71.25 if selling momentum picks up. On the upside, $75.17 and $76.46 serve as key resistance points.

Technical indicators suggest caution. The 50-day EMA at $74.20 and the 200-day EMA at $74.83 reinforce overhead resistance, making a breakout difficult without strong fundamental drivers. A decisive move above $73.97 could shift momentum upward, but as long as the price remains under this threshold, sellers maintain control.

Brent Oil Price Forecast

Brent crude (UKOIL) is trading at $77.55, up 0.82%, but remains constrained within a downward channel on the 2-hour chart, extending resistance near $77.84. A break above this level could shift momentum in favor of the bulls, targeting $79.86 and $81.30. However, failure to clear this threshold may trigger renewed selling, with immediate support at $76.41 and a deeper pullback toward $75.10.

Technical indicators reflect mixed sentiment. The 50-day EMA at $78.19 and 200-day EMA at $78.18 hover just above current levels, reinforcing resistance. A decisive move above $77.84 could confirm a bullish breakout, while rejection at this level may sustain bearish pressure, keeping UKOIL within the downward channel.