Natural Gas and Oil Forecast: Oversupply Concerns Collide With Support Zones
Natural gas futures are stabilizing around $3.68 after testing trendline support near $3.60. This level has held firm several times since early February, suggesting it’s more than just a technical afterthought.
That said, the broader trend remains capped under a descending trendline that has kept prices in check since the mid-March peak. The 50 EMA at $3.92 and the 200 EMA at $3.94 are acting as layered resistance overhead, further constraining bullish momentum.
If prices can reclaim the $3.92–$3.95 range, it could open up room toward $4.24, though sellers will likely re-emerge around the upper boundary of the descending wedge.
On the downside, a break below $3.60 could expose the $3.33 support zone. For now, the market is consolidating, caught between macro uncertainty and technical compression.