Natural Gas and Oil Forecast: OPEC+ Talks and Ceasefire Shape Price Trends

Market Overview

Oil prices steadied on Wednesday as geopolitical tensions and upcoming OPEC+ discussions drove market uncertainty. Investors are assessing the potential impact of a ceasefire in a conflict-ridden region, which has influenced recent market sentiment.

Meanwhile, OPEC+ is considering delaying a planned output hike due to sluggish global demand and increased supply from outside the group. Analysts predict WTI crude to trade between $65-$70 per barrel, reflecting cautious sentiment amid seasonal demand, production shifts, and inventory changes.

In the U.S., crude stockpiles fell by 5.94 million barrels, exceeding forecasts, adding further complexity to energy market dynamics.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $3.38, down 2.54% on the day, reflecting a pullback after testing the pivot point at $3.34. The 50-day EMA aligns with this level, reinforcing it as a key support zone. A sustained move above $3.34 could attract buyers, with immediate resistance at $3.53, followed by $3.63 and $3.74.

Conversely, a break below the pivot may lead to further selling pressure, targeting $3.18 and potentially $3.07. The 200-day EMA at $3.05 provides a long-term support buffer.

While the upward trendline suggests bullish potential above $3.34, traders should watch for any sharp moves below this critical level, which could shift momentum decisively in favor of sellers.

WTI Oil Price Forecast

USOIL is trading at $68.85, up 0.12%, but remains in a tight range below the pivot point at $68.93. This level, reinforced by a downward trendline, is acting as a significant hurdle for buyers.

If prices break above $68.93, resistance at $69.65 and $70.28 could be the next targets, signaling a shift toward bullish momentum. However, the 50-day and 200-day EMAs at $69.42 and $69.52, respectively, could add further resistance.

On the downside, support is seen at $68.01, followed by $67.28. A break below $68.01 could drive prices lower, potentially testing $66.60.

While short-term sentiment is cautious, traders should closely watch price action around the $68.93 pivot for clearer directional cues.

Brent Oil Price Forecast

UKOIL (Brent) is trading at $72.38, down 0.10%, as prices remain under pressure below the pivot point at $72.50. This level, coupled with a downward trendline, is acting as a key barrier for any bullish momentum.

Resistance lies at $73.12 and $73.73, with the 50 EMA at $73.16 and the 200 EMA at $73.33 further reinforcing upside hurdles.

On the downside, immediate support is at $71.58, followed by $71.16 and $70.68. A break below $71.58 could signal continued bearish sentiment, while a move above $72.50 would shift the bias to bullish.

Traders should monitor price action closely around the $72.50 pivot for clearer signals on the next market move.