Natural Gas and Oil Forecast: Prices Stabilize as Traders Brace for OPEC+ Supply Decision

Market Overview

Crude prices edged higher Monday, but gains were limited by persistent geopolitical tensions and looming oversupply risks. Brent and WTI both fell over 1% last week as concerns about global growth and fuel demand deepened.

Traders are cautious ahead of the May 5 OPEC+ meeting, where a second consecutive production hike is expected.

Meanwhile, mixed signals from trade negotiations and nuclear talks have added volatility to energy markets. A surge in U.S. production and accelerating supply forecasts continue to weigh on sentiment, keeping oil and natural gas vulnerable despite modest recovery attempts.

Natural Gas Price Forecast

Natural gas is testing resistance near $3.165 after struggling inside a clear downward channel. Immediate resistance is at $3.165, with further hurdles at $3.253 and $3.342. On the downside, support levels to watch are $3.047, $2.966, and $2.880. The 50 EMA at $3.178 is capping rallies for now, while the 200 EMA at $3.514 reinforces the broader bearish tone.

Prices are hovering at the top of the descending channel; a clean breakout above $3.165 could trigger a short squeeze toward $3.253. However, failure here could quickly pull prices back toward $3.047.

WTI Oil Price Forecast

WTI crude is quietly firming around $63.31, holding above its pivot at $62.79. Buyers are trying to break past immediate resistance at $64.83, aiming for the next levels at $65.97 and $67.14. Support stands at $62.79, with further cushions at $61.53 and $60.23 if momentum stalls.

On the moving averages, the 50 EMA sits at $62.83 and is starting to curve upward—a subtle bullish signal. The 200 EMA is higher at $63.31, meaning the price is still grappling with broader resistance.

A close above $64.83 could open the door for a stronger rally toward $65.97, but a failure here could pull prices back to $62.79 or lower. Overall, momentum is cautiously building, but confirmation is key.

Brent Oil Price Forecast

Brent crude is pressing against the $66.18 pivot, trying to break free from a tight consolidation range. Immediate resistance lies at $68.45, with the next targets at $69.98 and $71.60. Support sits at $64.61, backed by deeper levels at $63.13 and $61.95.

The 50 EMA at $65.96 is flattening, while the 200 EMA at $66.83 is slightly declining, showing that momentum is still indecisive. Price action is squeezing between trendlines, suggesting a breakout—or breakdown—could be close.

A clear move above $66.18 could open a path toward $68.45, but a failure to hold $64.61 would warn of renewed selling pressure. For now, Brent is coiled tight. Traders should stay alert for a directional move soon.