Natural Gas and Oil Forecast: Will Bullish Trends Push Prices Past $75?

Market Overview

WTI crude oil prices neared $75 per barrel on Wednesday, driven by declining U.S. crude inventories and tightening global supplies. API data revealed a 4.022 million-barrel draw, significantly exceeding expectations.

Geopolitical tensions have disrupted supply chains, boosting demand for Middle Eastern oil and prompting Saudi Arabia to raise prices for Asia for the first time in three months.

Additionally, colder weather in the U.S. and Europe has elevated heating oil demand, adding to upward price pressure. If confirmed, these factors would mark one of the longest streaks of inventory declines in three years, sustaining bullish momentum in energy markets.

Natural Gas Price Forecast

Natural Gas (NG) prices are trading at $3.30, up 0.85%, showing signs of stabilization within a defined range. The 4-hour chart highlights a pivot point at $3.42, acting as a critical level for bulls to maintain momentum. Immediate resistance is at $3.74, with a more substantial barrier at $4.01, while support lies at $3.18 and deeper at $2.94.

Technically, the 50 EMA at $3.52 indicates near-term pressure, while the 200 EMA at $3.16 reflects a solid long-term support level. The upward trendline remains intact, supporting buying activity.

A sustained move above $3.42 could confirm bullish sentiment, potentially pushing prices toward $3.74. However, failure to hold above $3.42 risks triggering sharper declines, with selling intensifying below this level.

WTI Oil Price Forecast

USOIL is trading at $74.69, up 0.43%, reflecting a steady upward trend on the 4-hour chart. The pivot point at $73.12 is crucial; prices above this level signal bullish sentiment. Immediate resistance stands at $76.10, with the next key hurdle at $77.56. On the downside, support is found at $71.71, with a deeper floor at $70.75.

Technical indicators align with the bullish bias: the 50 EMA at $72.49 acts as a dynamic support, while the 200 EMA at $70.65 reinforces long-term stability. A break above $76.10 could confirm a double-top breakout, driving prices higher. However, if prices dip below $73.12, expect sharper selling pressure and a potential test of lower support levels.

Brent Oil Price Forecast

UKOIL is trading at $77.38, up 0.32%, as prices maintain an upward trajectory within a defined channel. The pivot point at $76.78 is critical, marking the line between bullish and bearish sentiment. Immediate resistance stands at $78.20, with the next hurdle at $79.69. On the downside, support is seen at $75.49, followed by a stronger level at $74.69.

The 50 EMA at $75.42 reinforces near-term bullish momentum, while the 200 EMA at $74.00 offers long-term stability. The current upward channel suggests continued buying interest, but a break below $76.78 could shift momentum, triggering sharper declines toward lower support zones. A sustained move above $78.20 could pave the way for a test of $79.69.