Natural Gas and Oil Forecast: WTI Eyes $67 as Iran Sanctions Stoke Supply Fears

By:

Arslan Ali

Published: Apr 18, 2025, 07:01 GMT+00:00

Key Points:

WTI crude rises above $64 as U.S. sanctions on Iran and China fuel fears of tighter global energy supply.
Brent crude breaks $65.99 resistance, trading at $67.72 with momentum aiming for $70.21 and $72.21.
Natural gas remains bearish below $3.334, trapped under a descending trendline from April highs.

In this article:

Natural Gas

+0.26%

WTI Oil

+2.31%

Brent Oil

+2.73%

Market Overview

WTI crude surged above $64 per barrel on Thursday, marking a second straight gain as fresh U.S. sanctions on Iran and a Chinese refinery stoked fears of tighter global supply. OPEC+ reinforced the outlook by confirming deeper production cuts from Iraq and Kazakhstan.

Despite this, major institutions like OPEC, the IEA, Goldman Sachs, and JP Morgan have trimmed demand forecasts due to slowing growth and trade uncertainty. Rising U.S. stockpiles temper the rally.

For gold, silver, and copper, renewed energy inflation risks may lift safe-haven demand, while weakening growth keeps industrial metals like copper under pressure.

Natural Gas Price Forecast

Natural Gas (NG) Price Chart

Natural gas is trading at $3.248, stuck beneath a firm descending trendline stretching from the April highs. The price is hugging resistance at $3.334, with a break above needed to change the bearish tone. Immediate resistance is $3.334, followed by $3.451.

On the downside, key support rests at $3.205, then deeper at $3.088. The 50 EMA at $3.338 is still sloping down, signaling pressure remains on the sellers. The broader structure shows consolidation below the trendline, suggesting hesitation rather than capitulation.

Unless bulls clear $3.334 convincingly, the market risks slipping toward lower supports. Keep an eye on volume—breakouts without conviction tend to fade quickly in this kind of setup.

WTI Oil Price Forecast

WTI Price Chart

WTI crude is edging higher in early trade, currently hovering near $63.68 after breaking out of a symmetrical triangle pattern. The pivot point sits at $63.18, marking the breakout level. Immediate resistance is seen at $65.28, with the next hurdle around $67.02.

On the downside, immediate support lies at $60.81, followed by $59.06. The 50 EMA at $61.88 is sloping upward and lending short-term support, while the 200 EMA is currently unplotted.

The breakout above triangle resistance suggests a shift in sentiment, but price needs to hold above $63.18 to avoid a false move. Bulls appear to have reclaimed near-term momentum, but follow-through volume will be key to sustaining this push higher.

Brent Oil Price Forecast

Brent Price Chart

Brent crude is pushing higher, currently trading at $67.72 after cleanly breaking above the $65.99 resistance zone, which has now turned into a support shelf. The pivot point sits at $68.15, just overhead, where prices briefly stalled. Immediate resistance is at $70.21, with a stronger cap near $72.21.

On the downside, $65.99 is the key support, followed by $64.23. The 50 EMA at $65.57 is upward sloping and acting as dynamic support, helping guide the uptrend. Price is holding above a clean ascending trendline that’s been in play since early April.

Brent’s breakout above consolidation suggests buyers are in control, but a daily close above $68.15 is needed to confirm the bullish continuation.

About the Author

Arslan Aliauthor

Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.

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