Natural Gas and Oil Forecast: Volatile Moves Ahead as OPEC+ Output and Stocks Rise

Brent crude oil is trading around $65.58, holding just below key resistance at $65.75 after breaking a rising trendline last week. Price action shows sellers keeping control, with repeated rejections near the 50-EMA at $66.62. The 200-EMA, higher up at $67.20, adds another ceiling, reinforcing the bearish outlook.

The RSI sits near 39, pointing to weak momentum and keeping Brent close to oversold conditions. If the price fails to clear $65.75 convincingly, the bearish setup suggests further downside. Key support rests at $65.08 and $64.56, with a stronger floor at $64.11. A decisive break below these levels could open the way toward $63.80.

For traders, the cleaner opportunity lies in short positions on failed retests of $65.75–$66.20, targeting $65.08 and $64.50. A stop-loss just above $66.80 helps balance risk against potential reward. If buyers unexpectedly reclaim $67.50, the bearish case would weaken, but for now, momentum favors the downside.