Natural Gas and Oil Forecast: WTI Holds $67.81, NatGas Ascending Channel Intact

WTI crude defended $67.81 on the hourly chart Tuesday. A long lower wick appeared after touching $68.78 support. The broader downtrend remains intact. The descending trendline near $70.16 caps rallies. Higher lows since the bounce suggest buyers are stepping in at dips. The structure remains bearish until a close above $70.16.

A daily close above $70.16 with rising volume would shift the bias to neutral or bullish. A loss of $66.40 would negate the higher-low pattern and open a move toward June's support near $65. The volume block between $68 and $70, visible on the hourly chart, marks the fair value zone. RSI at 50 leaves momentum neutral. A similar structure appeared in the previous bearish channel formation discussed here.

Some traders look for a long entry near $67.81 with a target of $70.16 and a stop at $66.40. That risk-reward depends on a break above the descending trendline.

Brent crude followed a similar path. The 2-hour chart shows a bounce off the blue descending channel support at $72.48 after rejection from the red moving average near $78.27. Bullish rejection wicks along that support indicate buyer activity. RSI near 50 suggests neutral momentum. A green volume block between $73 and $74 marks an emerging fair value zone. The next resistance zone sits between $74.49 and $76.08. A close above $76.08 would strengthen the case for a reversal. A break below $72.48 would keep the channel intact, sellers in control.

Natural gas held $3.20 on the 1-hour NYMEX chart. Mixed candles sit above the red moving average at $3.18 within a green ascending channel. Bullish rejection wicks from the $3.099 swing low imply dip-buying remains active. Higher highs and higher lows confirm buyers are still participating. RSI at 52 is neutral to bullish. A red volume block at $3.12 offers nearby support. The next resistance zone is between $3.229 and $3.260. A sustained move above $3.260 on increasing volume would confirm the uptrend. A breakdown below $3.099 would invalidate the ascending channel.

The weekly EIA storage report due Thursday could test the natural gas channel. Southern demand is expected to rise as heat builds across Texas. That report will determine whether the current dip-buying holds or fades.