Natural Gas and Oil Forecast: WTI Eyes $67 as Triangle Breakout Signals Bullish Shift

Market Overview

Oil prices climbed over 2% on Wednesday, reaching their highest since April 3, buoyed by short covering, a weaker U.S. dollar, and escalating geopolitical tensions. WTI is eyeing a return to the $65–$67 range, though weak U.S. and Chinese growth prospects may cap gains.

Updated output cuts from OPEC members, including Iraq and Kazakhstan, added to supply-side support, alongside a notable draw in U.S. gasoline and distillate stocks. Still, global demand concerns persist, with the WTO slashing 2024 trade growth forecasts from 3.0% to -0.2%.

Market sentiment remains cautiously bullish as energy markets weigh tightening supply against fragile macroeconomic conditions.

Natural Gas Price Forecast

Natural gas is hovering around $3.25, holding a tight range as it tests the bottom of a stubborn downtrend. Prices are capped below a descending trendline, while immediate resistance sits at $3.33 and next resistance at $3.45.

On the downside, $3.20 is the key support, with a deeper floor near $3.08. The 50 EMA at $3.37 and 200 EMA at $3.67 both slope downward, reinforcing a bearish bias. Until bulls break above $3.33 with conviction, upside looks limited.

Traders may want to stay cautious here—momentum is lacking, and any surprise build in inventory or cooler weather outlook could nudge prices lower again. For now, it’s a wait-and-see under the weight of resistance.

WTI Oil Price Forecast

WTI crude oil is testing the waters near a critical pivot point at $63.18, hovering just below it after a tight consolidation within a symmetrical triangle. The price is currently sitting around $62.50, with immediate resistance at $63.18 and next resistance at $65.28.

On the downside, support rests at $60.81, followed by $59.06. The 50 EMA at $61.45 is sloping upward and now acts as short-term support, while the 200 EMA at $63.67 caps the upside, keeping the trend cautiously neutral.

A clean break above $63.18 could shift momentum toward $67, but failure here may drag the price back toward the $60 area. Crude’s next move hinges on volume and follow-through beyond that resistance line.

Brent Oil Price Forecast

Brent crude is showing signs of life, climbing to $66.48 after breaking out of a stubborn triple top resistance near $65.99, now turned support. The breakout is supported by an ascending trendline and improving price structure.

Immediate resistance stands at $67.73, and a close above could pave the way toward $69.54. On the flip side, $65.99 is the first support to watch, followed by $64.23. The 50 EMA is trending at $65.04, while the 200 EMA at $67.32 looms just overhead, acting as a ceiling.

The bullish momentum is promising, but price needs to clear the 200 EMA to fully confirm trend reversal. For now, bulls hold the edge—if they can hold the breakout.