Natural Gas and Oil Forecast: Tariff Tensions Fuel Volatility Ahead of OPEC+ Meet

Market Overview

WTI crude oil hovered near $71 per barrel as traders weighed the potential economic fallout from looming U.S. trade tariffs, which could disrupt global supply chains and dent energy demand.

Markets remain on edge amid heightened geopolitical tensions, with recent threats of secondary sanctions on Russian and Iranian oil exports supporting prices.

Meanwhile, API data showed a 6 million barrel rise in U.S. crude inventories, offset by a 1.6 million barrel draw in gasoline. With OPEC+ talks later this week and rising uncertainty over global trade flows, energy markets are facing a volatile short-term outlook shaped by geopolitical risks.

Natural Gas Price Forecast

Natural Gas (NG) is treading water near $3.95, caught in a classic descending triangle on the 4-hour chart, just above a key pivot near $3.93. The $4.235 level remains immediate resistance, while the next upside barrier is at $4.401.

On the downside, the first level to watch is $3.80, with stronger support sitting near $3.755. Price is testing the 200 EMA at $3.955, while the 50 EMA at $4.014 still leans bearish, having capped recent upside attempts.

WTI Oil Price Forecast

WTI crude oil (USOIL) continues to trade within a clean ascending channel on the 4-hour chart, reflecting strong upward momentum. The price currently hovers around $71.22, just above the pivot zone of $70.98, which aligns with the channel’s midline.

The 50 EMA at $69.73 and the 200 EMA at $69.37 are both sloping upward, confirming short-term trend strength.

Immediate resistance is seen at $72.18, with the next key level at $73.11. On the downside, support is marked at $70.06 and $68.82. As long as price action holds above the 50 EMA and the rising channel remains intact, the technical bias favors the bulls.

Brent Oil Price Forecast

Brent crude oil (UKOIL) remains in a well-defined ascending channel, reinforcing a bullish outlook. The price is currently trading at $74.48, just below the immediate resistance at $75.62.

The structure suggests healthy buying momentum, supported by price action staying above both the 50 EMA at $73.21 and the 200 EMA at $72.89.

Support lies at $73.43, which also aligns with the channel’s lower boundary and previously broken resistance. If bulls maintain control, the next upside target sits at $77.08. A break below $73.43, however, could trigger a retest of the $72.26 zone.