Natural Gas and Oil Forecast | WTI Steady as Markets Await OPEC & EIA Data

What to Know

• WTI trades near a two-week high at $60.10, supported by tightening global supply expectations.
• Traders await new EIA and OPEC+ guidance that could shift short-term price direction.
• Natural gas holds above trendline support near $5.10, while WTI and Brent remain inside rising channels.

Market Overview

Energy markets entered the week on firmer footing as crude and natural gas prices held their recent gains. WTI hovered around $60.10, supported by a combination of geopolitical tension and tightening supply expectations. Several diplomatic efforts aimed at easing global conflicts failed to produce progress, leaving restrictions on key exporting nations in place and increasing the likelihood of supply disruptions. Analysts have also begun discussing the possibility of up to 1.1 million bpd of South American output facing temporary interruption if instability in the region deepens, adding another layer of uncertainty.

At the same time, broader macro sentiment leaned slightly positive. Growing expectations of a U.S. interest-rate cut helped lift demand projections for refined products, giving crude and gas an additional tailwind. With energy markets already sensitive to global risk headlines, investors are now focused on incoming EIA inventory data and the next OPEC+ communication, both of which could reshape expectations for supply and demand across the oil and gas complex.

Natural Gas Outlook

Natural gas continues to show one of the strongest short-term structures among major energy assets. After climbing steadily through late November, prices are now holding near $5.14, consistently finding support above a rising trendline that has underpinned the entire move. Recent two-hour candles repeatedly bounced off the $5.00–$5.10 range, reinforcing this area as a notable demand zone.

Technically, the setup remains constructive. Natural gas is still trading above both the 20-EMA ($5.09) and the 200-EMA ($4.65), keeping momentum firmly pointed upward. The immediate barrier sits at $5.27. A decisive push through this level would likely spark interest toward $5.48, the most recent swing high and a logical target if buyers maintain control.

If price slips, the first downside checkpoints are $5.10, followed by $4.95 at the trendline. With the RSI sitting close to 60—supportive but not overheated—the broader tone remains bullish unless the $5.00 threshold breaks.

WTI Crude Oil Outlook

WTI has been climbing inside a clear ascending channel, now trading close to $60.20 after recovering from its late-November lows. Price continues to build higher lows and hold above the 20-EMA ($59.70), a sign that buyers are defending dips and maintaining short-term control.

The next major test is the $60.49 resistance area, which rejected price several times earlier this week. A clean break would expose $61.46, followed by the channel upper boundary near $62.04—levels that could become reachable if upcoming EIA data tightens the supply outlook.

On the downside, $59.43 is the first key support. A deeper correction would target $58.82, aligning with the lower channel region. With the RSI also hovering around 60, the trend remains constructive without being overextended.

Brent Crude Oil Outlook

Brent is following a similar trajectory, trading near $63.86 within a broad rising channel that has guided price higher since the late-November low. Buyers continue to defend pullbacks, keeping candles above the 20-EMA ($63.60) and forming a steady sequence of higher lows.

The market now approaches a decisive barrier at $64.39, where multiple intraday rejection wicks appeared earlier in the week. A breakout would open the path toward $65.31, followed by the channel ceiling at $65.99. If price eases, support begins at $63.20, then $62.53, which also aligns with a mid-channel trendline that has repeatedly acted as a pivot.

Momentum indicators remain balanced, leaning bullish without suggesting exhaustion, giving Brent room to extend higher if upcoming OPEC+ communication points to tighter supply conditions.

For more daily forecasts and in-depth analysis on crude oil, natural gas, and broader energy markets, visit our Commodities Forecasts section and stay ahead of market trends.