Natural Gas and Oil Forecast: WTI, Brent Hold Steady as Supply Concerns Loom

Market Overview

Oil futures edged lower from multi-week highs as traders capitalized on recent gains, while markets await signals from the Federal Reserve on potential rate cuts. However, declines were tempered by concerns over supply disruptions stemming from geopolitical tensions and potential sanctions targeting key producers.

Fresh European sanctions and U.S. regulatory scrutiny have reinforced worries about global supply constraints, keeping prices elevated. Meanwhile, central bank rate cuts in Canada, Europe, and Switzerland provided further support, as lower interest rates typically stimulate economic activity and energy demand.

Nonetheless, forecasts of ample supply in 2025 and slowing demand growth in major economies present a counterweight to rising prices.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $3.07, down 2.57%, slipping closer to key support at $3.08. The price remains below the 50-day EMA of $3.30 and the 200-day EMA of $3.19, signaling short-term bearish pressure.

The $3.20 pivot point is crucial here — a recovery above this level could reignite bullish momentum, pushing prices toward immediate resistance at $3.35 and potentially $3.56.

However, a decisive drop below $3.20 might spark sharp selling, with the next support at $2.98 coming into play. For now, the upward channel remains intact, lending a bullish bias as long as buyers defend $3.20.

WTI Oil Price Forecast

USOIL is trading at $70.39, down 0.90%, but it’s holding steady above the pivot point at $69.94. The upward trendline remains supportive, while the 50-day EMA at $69.87 and 200-day EMA at $69.25 suggest near-term stability. Immediate resistance sits at $71.38, with the next key target at $72.23 if buyers regain control.

That said, a clean break below $69.94 could flip the sentiment bearish, testing support at $69.11 and potentially $68.27. For now, the bullish bias holds as long as prices stay above the pivot. Keep an eye on volume and momentum—crossing $71.38 could spark further gains, while a move under $69.94 could accelerate selling pressure.

Brent Oil Price Forecast

UKOIL is hovering at $74.11, down 0.26%, but still holding above the pivot point at $73.57, suggesting a cautious bullish tone. The 50-day EMA at $73.38 is supporting prices, while the 200-day EMA at $72.91 reinforces a broader upward trend. Immediate resistance looms at $74.55, with the next target at $75.35 if buyers push higher.

A break above $74.55 could unlock more gains, but a slip below $73.57 might trigger sharper selling toward $72.56 and $71.91. The upward channel remains intact, signaling buyers are still in control—for now.

Keep an eye on $74.55: clearing this resistance could mark the next leg up, while a breach of $73.57 would hint at fading momentum.