Natural Gas and Oil Forecast: Energy Traders Eye $65.65 for Brent Bull Revival

Market Overview

Crude oil prices hovered near flat on Thursday as markets absorbed a 1.3 million barrel inventory build—defying expectations of a drawdown—pushing U.S. stockpiles to 443.2 million barrels. Demand concerns intensified with weaker gasoline and distillate consumption and a six-week high in imports.

Simultaneously, renewed nuclear negotiations and broader geopolitical tensions are injecting volatility into global energy forecasts. Natural gas and oil traders remain wary amid conflicting signals, with WTI and Brent slipping 0.7% midweek.

Analysts suggest summer demand may offset some pressure, but potential supply disruptions and sanctions on major producers continue to anchor uncertainty in the global energy landscape.

Natural Gas Price Forecast

Natural gas futures are trading around $3.35, just below the 50-EMA ($3.353) and 200-EMA ($3.452), both now acting as dynamic resistance. Price recently retraced from the $3.72 swing high and found temporary support at the 38.2% Fibonacci level ($3.338), which now serves as the immediate pivot zone.

While this level is holding for now, price action remains heavy beneath the 61.8% Fib retracement ($3.486), suggesting that the recent bounce may be stalling. Unless bulls can reclaim $3.41 (50% retracement) with conviction, the risk of a drop back toward $3.25 or even $3.16 increases.

Structurally, the chart shows lower highs forming since mid-May, which hints at weakening demand. For now, the trend is sideways to slightly bearish, and buyers will need a strong close above $3.41 to revive upside momentum.

WTI Oil Price Forecast

WTI Crude Oil is holding ground near $61.12, where a rising trendline from early May meets a horizontal pivot. Price is wedged between two key moving averages—the 50-EMA overhead at $61.89 and the 200-EMA just below at $61.45.

This narrow range reflects indecision, with the 50-EMA acting as near-term resistance. Immediate upside levels to watch are $62.67 and $63.69. On the downside, support sits at $60.06 and $59.31. Structurally, WTI has carved out higher lows since May 1, keeping the broader trend mildly bullish.

But the latest candles—mostly small-bodied with extended wicks—signal hesitation. A clean break above $62.67 could reawaken bullish momentum. Failing that, a slip below $61.12 would shift the focus to lower support.

Brent Oil Price Forecast

Brent Crude Oil is trading at $64.71, holding just above a key confluence zone—anchored by the ascending trendline from May 2 and horizontal support at $64.46. Price is also hovering near the 200-EMA at $64.65, reinforcing this area as a make-or-break pivot.

The 50-EMA at $65.18 remains a cap, limiting upside attempts in recent sessions. Price action shows hesitation: recent candles are small-bodied with long wicks, including a spinning top, which often signals indecision at turning points.

A confirmed bounce above $65.65 would reassert bullish control and open the door toward $66.60 and $67.48. But a clean break below $64.46 would expose downside toward $63.40 and potentially $62.47. This is a tight zone—watch it closely.