Natural Gas and Oil Forecast: OPEC+ Supply Hike Weighs on Prices – What’s Next?

Market Overview

Oil markets are grappling with their steepest weekly declines since October, with Brent crude down 4.9% and WTI falling 4.8% as geopolitical uncertainty and supply pressures intensify.

Fluctuating U.S. trade policies and uncertainty over tariff regulations have dampened demand expectations, while OPEC+ plans to increase output by 138,000 barrels per day in April have added further downside risks.

Meanwhile, rising U.S. crude inventories and discussions about restricting energy exports from key global producers have heightened market volatility. Analysts warn that unless demand stabilizes, oil prices may remain under pressure, with potential for further declines in the near term.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $4.28, down 0.07%, as the market consolidates above its pivot point at $4.24. The price remains supported by the 50-day EMA at $4.25, indicating a near-term bullish structure, while the 200-day EMA at $3.98 reinforces a broader upward trend.

However, resistance at $4.52 remains a key hurdle, with a breakout above this level potentially driving prices toward $4.74.

On the downside, a break below $4.24 could accelerate selling, exposing $4.06 and $3.87 as key support levels. Traders should watch for volume confirmation above $4.52 for sustained upside momentum, while failure to hold $4.24 may trigger further downside pressure.

WTI Oil Price Forecast

Crude oil (USOIL) is trading at $66.61, up 0.26%, but remains below the pivot point at $66.81, signaling a cautious market tone. A downward channel continues to pressure prices, with the 50-day EMA at $67.31 and the 200-day EMA at $69.55 reinforcing bearish sentiment. Immediate resistance sits at $68.44, with a break above this level potentially opening the door to $69.71.

On the downside, $65.26 is key support, with further declines targeting $63.96. A move above $66.81 could shift momentum toward bullish territory, but failure to reclaim this level may keep oil under selling pressure in the near term.

Brent Oil Price Forecast

Brent crude (UKOIL) is trading at $69.61, up 0.04%, but remains under pressure below the pivot point at $69.90. The 50-day EMA at $70.53 and the 200-day EMA at $73.11 suggest a bearish outlook, with resistance at $71.32 and $73.36 capping potential upside moves.

A break above $69.90 could shift momentum toward a bullish bias, but until then, the downward channel remains in play.

On the downside, support sits at $68.29, with further declines likely testing $66.86. Traders should watch for price action near $69.90—a breakout could indicate renewed buying interest, while failure to reclaim this level may reinforce selling pressure.