Natural Gas and Oil Forecast: Will OPEC+ Delay Output Amid Volatile Demand?

Market Overview

WTI crude oil futures climbed above $70 per barrel, poised for their strongest week in two months, as geopolitical tensions elevated the risk premium in energy markets.

Traders are also closely monitoring the upcoming OPEC+ meeting on December 1, amid speculation that production increases may be further delayed due to sluggish global demand. Weak economic growth in China, a key importer, continues to weigh on consumption, adding complexity to supply dynamics.

The combination of geopolitical risks and shifting production plans underscores ongoing volatility in oil and natural gas markets as the year-end approaches.

Natural Gas Price Forecast

At $3.49, Natural Gas (NG) is trading slightly lower, down 0.65% on the day, as it approaches the key pivot level at $3.56. This pivot acts as a dividing line between bearish and bullish sentiment.

If prices can break and sustain above $3.56, the next resistance levels come into play at $3.68, $3.79, and $3.90, signaling potential upward momentum.

On the downside, immediate support rests at $3.23, with further levels at $3.12 and $3.02 if selling pressure intensifies.

The broader trend still leans bullish, supported by the 50-day EMA at $2.70 and the 200-day EMA at $2.50, indicating longer-term strength. For now, the battle at $3.56 will likely determine the next directional move.

WTI Oil Price Forecast

At $70.09, USOIL prices are holding steady, up a modest 0.02%, as they hover just above the pivot point at $70.06. This level is key to maintaining the current bullish momentum. Immediate resistance is at $70.93, with further upside targets at $71.62 and $72.55 if buyers remain in control.

On the downside, support lies at $69.35, followed by $68.64 and $67.84 if selling pressure picks up.

The 50-day EMA at $69.16 provides additional support for the uptrend, while the 200-day EMA at $70.05 aligns closely with the pivot, reinforcing its significance. The upward channel continues to guide the buying trend, but a break below $70.06 could signal a sharper pullback.

Brent Oil Price Forecast

At $74.20, UKOIL is slightly lower, down 0.08%, but remains above the pivot point at $73.83, signaling the potential to maintain its bullish momentum. Immediate resistance is at $74.61, with further upside targets at $75.18 and $75.84 if buying pressure strengthens.

On the downside, support is at $73.09, with additional levels at $72.62 and $72.25 should the price slip below the pivot.