Natural Gas and Oil Forecast: WTI Holds $62 as CPI Looms, Brent Eyes $65.59 Break

Market Overview

Oil prices remain volatile as heightened geopolitical tensions fuel market uncertainty. Despite a brief rebound on Wednesday, WTI and Brent futures slipped following fresh tariff hikes that intensified global trade friction. Analysts warn the situation could weigh on global growth, diminishing crude demand—particularly from China, the world’s largest importer.

The ICE Brent curve has moved into contango, reflecting expectations of a well-supplied market.

On the supply side, a Keystone Pipeline disruption offered temporary support, but rising inventories—up 2.6 million barrels last week—and increased OPEC output are adding downside pressure. The broader trend suggests oil could continue declining as macro risks intensify.

Natural Gas Price Forecast

Natural gas prices are attempting a mild rebound, hovering near $3.74 after a sharp drop to $3.43 earlier this week. The bounce has brought prices back near the $3.76 pivot zone, but the broader trend remains under pressure.

Price action remains below the descending trendline from March highs and beneath the 50 EMA at $3.81 and the 200 EMA at $3.90—both acting as resistance. To confirm a short-term recovery, bulls need a sustained break above $3.81.

Immediate support holds at $3.63, followed by $3.43. A drop below that risks a move toward $3.19. Momentum is recovering but still fragile. Natural gas is trying to build a floor around $3.70. A break above $3.81 could spark more upside, but the trend stays bearish below $3.93.

WTI Oil Price Forecast

WTI crude oil is stabilizing around $62.01 after last week’s sharp selloff. Price briefly dipped to $58.46 before reclaiming ground above the key $61.07 pivot. The recovery, however, faces friction near $63.31, with the 50 EMA hovering at $63.75.

A breakout above that would open the door to $65.34, while failure to hold current levels could drag prices back toward $58.46 or even $56.58. The RSI is neutral, suggesting the market is waiting for a catalyst—likely Thursday’s U.S.

inflation data. WTI is holding above $61, but a break above $63.75 is needed to confirm any short-term recovery. Keep an eye on CPI data for the next directional cue.

Brent Oil Price Forecast

Brent crude is attempting to stabilize above $65.00 after a volatile breakdown last week. The price rebounded sharply from a low near $59.50 and is now trading just below the key $65.59 pivot level.

The 50 EMA at $67.01 and the 200 EMA at $70.82 remain overhead barriers, capping recovery attempts. Momentum is mixed, with bulls defending the $64.07 support, while resistance near $65.59 continues to hold.

A break above $65.59 could open the path toward $68.42. On the flip side, if price loses $64.07, expect a retest of $61.42 and $59.50.

Brent crude is trying to base above $64. If it can close above $65.59, short-term sentiment could shift. Otherwise, expect consolidation or renewed weakness.