Natural Gas and Oil Forecast: Will OPEC+ Delay Push Prices Past Key Resistance?

Market Overview

WTI crude oil futures climbed toward $71 per barrel, marking a fourth consecutive session of gains as OPEC+ postponed December production adjustments to help stabilize prices. The decision aims to counter market oversupply risks amid uncertain demand growth.

Heightened geopolitical tensions in the Middle East have added upward pressure on oil, raising concerns over potential disruptions to energy infrastructure in the region.

Investors remain cautious, with the potential for increased volatility as geopolitical factors continue to play a significant role in influencing oil and natural gas market trends.

Natural Gas Price Forecast

Natural Gas (NG) is showing a mild uptick, currently trading at $2.67, up 0.89%. However, it faces a critical pivot at $2.68, which aligns closely with the 50-day EMA at $2.69.

This level is pivotal; if prices break above, we might see bullish momentum toward immediate resistance at $2.77, with further upside potential to $2.83 and $2.91.

Conversely, if prices fall below $2.68, the downward trend could intensify, targeting support at $2.56, then $2.50, and potentially down to $2.44. The 200-day EMA at $2.59 serves as a foundational support.

For now, it’s a wait-and-watch scenario, with a break above or below $2.68 likely determining the next directional bias for NG.

WTI Oil Price Forecast

U.S. crude oil (USOIL) is trading at $70.72, showing a 2.08% gain. The price is flirting with a key pivot level at $70.76, which sits just above the 50-day EMA of $69.94.

This pivot is important—if oil breaks above it, we could see momentum pushing toward immediate resistance at $71.28, with further targets at $71.81 and $72.31.

On the flip side, if it remains below $70.76, the trend may lean bearish, with immediate support at $70.20, then $69.68 and $69.08 as the next levels down.

The 200-day EMA at $69.67 reinforces this support area. Right now, a break above or below $70.76 will likely set the tone for the next move.

Brent Oil Price Forecast

Brent crude oil (UKOIL) is currently trading at $75.91, up 1.91% for the day. The price sits well above the pivot point at $74.32, hinting at potential bullish momentum. If it can stay above this level, immediate resistance lies at $74.73, with subsequent targets at $75.10 and $75.53, setting up a possible upward path.

However, if it drops below $74.32, we could see a bearish turn, with support levels at $73.81, followed by $73.38 and $72.96. The 50-day and 200-day EMAs are close, around $73.46 and $73.58, adding strength to the support region.

For now, it’s all about whether UKOIL can maintain its ground above $74.32 to sustain this upward momentum.