Natural Gas and Oil Forecast: WTI Eyes $70 Resistance as Demand Concerns Linger

Market Overview

WTI crude oil futures rebounded to $68.7 per barrel after a significant 8% drop last week. Weak labor data from the U.S. and Europe has sparked concerns about slowing energy demand, compounded by softer Chinese consumption.

Additionally, signs of a potential agreement in Libya to resume oil production further pressured oil prices. Bank of America revised its 2025 oil forecast, lowering Brent to $75 and the U.S. benchmark to $71.

These geopolitical and economic factors also weigh on natural gas, as uncertainty around global demand continues to influence market forecasts for both commodities.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $2.196, down 2.52%. The price is sitting just below the key pivot point of $2.19, which is acting as a crucial support level. An upward trendline suggests continued buying pressure as long as NG stays above this mark.

Immediate resistance lies at $2.23, with further hurdles at $2.29 and $2.35. If NG breaks below $2.19, we could see a sharper decline towards the support levels of $2.16 and $2.12.

The 50-day EMA at $2.21 and the 200-day EMA at $2.15 indicate mixed signals, but holding above $2.19 could support a bullish outlook. Keep an eye on these levels for possible moves.

WTI Oil Price Forecast

U.S. Oil (USOIL) is trading at $68.54, hovering just below the pivot point of $68.72. This level is critical; a break above it could shift the bias towards a bullish outlook, with immediate resistance at $70.73, followed by $72.00 and $74.06.

However, the 50-day EMA of $69.95 and 200-day EMA of $73.03 suggest continued downside pressure. On the support side, $67.23 is the first key level, with further support at $65.81 and $64.10.

The outlook remains bearish below $68.72, but if oil prices break above this level, we may see renewed bullish momentum. For now, oil is in a wait-and-see mode, with the market poised for potential movement in either direction.

Brent Oil Price Forecast

UKOIL is currently trading at $71.89, just below a key pivot point at $72.16. On the 2-hour chart, a downward channel is extending resistance near this level, keeping the price under pressure. If UKOIL breaks above $72.16, we could see a bullish push towards $73.48 and possibly $74.80.

However, as long as it remains below the pivot, the likelihood of a bearish correction remains strong, with immediate support at $70.94 and further downside potential to $69.97 and $68.93.

The 50-day EMA at $73.48 and 200-day EMA at $76.66 suggest longer-term resistance. A break below $72.16 keeps the market in a cautious, bearish stance for now.