Natural Gas and Oil Forecast: WTI Nears $63, Gas Faces $3.75 Hurdle as Market Volatility Builds

Market Overview

WTI crude oil futures rose to $63.00 per barrel, extending a two-day rally fueled by geopolitical tensions that continue to rattle energy markets. The protracted conflict and recent escalations have stoked concerns over supply disruption, especially as OPEC+ maintained its planned production increases for July, easing worries of a glut.

Simultaneously, a weakening US dollar, pressured by global trade frictions, has increased the appeal of dollar-priced commodities, such as crude oil.

This combination of factors—limited supply expansion, currency shifts, and geopolitical uncertainty—has contributed to sustained volatility in oil and natural gas prices, reflecting a complex interplay of market forces.

Natural Gas Price Forecast

Natural Gas Futures (NGN2025) are consolidating below the $3.75 resistance, where a descending trendline converges with horizontal levels. The price faces downward pressure, with the 50-period EMA at $3.64 and the 200-period EMA around $3.64 offering nearby support.

The price action shows a sharp rejection from $3.75, hinting at potential downside momentum.

If selling pressure continues, a breakdown below $3.66 could open the door for a move toward $3.58 or even $3.44. However, if the price manages to break decisively above $3.75, there is room to target higher resistance around $3.83.

WTI Oil Price Forecast

WTI crude oil is consolidating just below the $63.00 resistance, where a descending trendline converges with horizontal resistance levels. The 50-period EMA near $62.95 and the 200-period EMA around $61.75 provide immediate dynamic support.

Price action remains constrained within a tightening range, hinting at an impending breakout or breakdown. A confirmed close above $63.00 could trigger a move toward $64.85, while failure to hold this level may see a retreat toward $61.67 or even $60.87.

Brent Oil Price Forecast

Brent Crude Oil is consolidating below the $65.82 resistance, marked by a descending trendline that intersects horizontal resistance levels. The price is supported by the 50-period EMA at around $64.39 and the 200-period EMA near $64.27, both of which offer dynamic support.

If UKOIL can sustain a breakout above $65.82, it could target higher resistance levels around $66.52 and $67.22. However, failure to clear this barrier could result in a pullback toward $64.03 or even $63.34. The overall pattern suggests tightening price action within a larger wedge, hinting at a potential decisive move.