Natural Gas and Oil Forecast: Geopolitical Tensions and OPEC+ Output Pressure Markets
News Summary
WTI crude oil trades near $63 per barrel, extending a monthly decline over 10%, primarily pressured by geopolitical tensions and OPEC+ output concerns. Natural gas slips toward $2.82, with bearish momentum reinforced by RSI weakness and failed EMA breakouts. Traders are eyeing WTI support at $61.66, with risk of deeper losses toward $60.82 if bearish momentum strengthens. Natural gas futures are around $2.82, retreating after failing to hold above the 50-EMA and 100-EMA, remaining confined within a descending channel, with immediate downside levels at $2.77 and $2.73. WTI crude is trading around $62.30, modestly recovering from a dip toward $61.66 support, but remains pressured within a broader downtrend, capped by the 50-EMA and 100-EMA, with rejection from the $63.00–$63.10 zone likely. Brent crude is near $65.94, holding above support at $65.46, but the broader trend remains bearish, capped by its 50-EMA and 100-EMA, with rejection from the $66.20–$66.30 zone expected to send prices back toward $65.46.
Background
Currently, geopolitical tensions, global demand concerns, and rising OPEC+ supply continue to exert pressure on energy markets. Oil prices have seen a multi-month decline, and natural gas prices have retreated from recent highs. OPEC+ (the Organization of the Petroleum Exporting Countries and its allies) plays a crucial role in balancing market supply, with its output policies directly influencing global crude prices. The fragility of peace negotiations and uncertainty over potential supply disruptions further heighten market volatility.
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