Natural Gas and Oil Forecast: Will OPEC+ Hold Production to Meet Rising Demand?

Market Overview

Natural gas and oil prices climbed on Thursday, buoyed by strong U.S. fuel demand and the prospect of supply adjustments from OPEC+. Unexpected drops in U.S. gasoline and crude inventories highlighted strengthened domestic consumption, catching analysts by surprise and encouraging buying activity.

Additionally, reports suggesting that OPEC+ may delay its planned production increase until demand stabilizes further lifted market sentiment.

Geopolitical tensions continue to create uncertainty, but recent diplomatic efforts hint at reduced risk of broader conflict. Energy traders remain watchful as OPEC+ prepares to reassess its output strategy at the December meeting.

Natural Gas Price Forecast

Natural Gas (NG) is holding steady around $2.85, with the market showing a bit of an upward tilt at +0.11%. Right now, NG is trading within a pretty tight sideways range, boxed between $2.80 and $2.92.

This kind of range-bound movement suggests a period of consolidation—meaning traders are essentially waiting for a clear signal to either buy or sell.

On the upside, if NG breaks above $2.92, it could be an invitation for bulls to push the price towards $3.00 and potentially $3.06.

On the flip side, slipping below the pivot point at $2.81 might open the door for a sharper pullback, with support levels lined up at $2.73 and $2.67.

WTI Oil Price Forecast

USOIL is nudging slightly higher at $69.08, up by 0.08%, as it hovers above a crucial support level at $68.75. This pivot point, previously resistance, now serves as a solid support, suggesting that buyers are stepping in here.

If the price can sustain above $68.75, it could signal further gains, potentially targeting the next resistance at $69.51 and possibly reaching $70.10.

However, if oil slips below this level, it may open the door to a sharper sell-off, with support down at $68.18 and $67.58. The 50-day EMA at $68.66 supports a bullish tilt, but with the 200-day EMA at $70.21, upward momentum could face headwinds around that area.

Brent Oil Price Forecast

UKOIL is showing some upward momentum, trading around $75.91, up 1.91%, but it’s approaching a critical resistance near $76.08. This level acts as a pivot point, with sellers likely to step in around here unless we see a decisive break above it.

If UKOIL can clear $76.08, it could build on this bullish tone, targeting the next resistance levels at $76.53 and $77.07.

On the downside, immediate support sits at $75.36, with additional support at $74.89. The 50-day EMA at $75.05 is slightly below, reinforcing near-term support, while the 200-day EMA at $75.23 suggests this level may act as a stabilizing factor for now.