Natural Gas and Oil Forecast: 9 Weeks of Ceasefire — WTI & Brent Defend Channels, NatGas Eyes $3.256?

Oil, Natural Gas Markets Steady After Nine Weeks in Ceasefire

Oil traded flat on June 3, 2026, as the truce between the United States and Iran, in place for more than nine weeks, remained intact while tankers continued gradually leaving the Strait of Hormuz. With the geopolitical risk mostly eliminated, crude oil was once again moving to conventional supply and demand dynamics. Both WTI and Brent have moved toward balance, as American production nears a peak, OPEC+ is holding production steady and non-OPEC supply from Brazil, Guyana and Canada continues to ramp up.

While full restoration of Iranian and regional production is still underway, progress is being made and demand has seen a slight rebound especially in Asia. Global demand growth for 2026 will continue to be tepid, with elevated interest rates and spending restraint in the West likely to continue.

Natural gas prices were also muted, with storage in the U.S. and Europe growing comfortably in response to a warmer-than-expected spring and reduced risk in the region for liquefied natural gas shipping routes from the Gulf. While spot gas is less of a concern in the West, LNG demand for Japan, South Korea and India remains strong and will likely persist.

Investors are expecting further U.S. supply reports and OPEC+ guidance in the near term. While the current truce in the Middle East should remove a number of risk premiums, oil markets can easily swing should there be a sudden change in the region’s political stability.

Natural Gas Futures Dips to $3.161 – Blue Channel Retest

Natural Gas futures trade at $3.161 on 2H NYMEX chart after the red candle tested the red MA near $3.20 within a blue ascending channel. Bullish higher lows defended the $2.978 swing on the basis of buyer absorption. RSI is near 52 indicating neutral momentum.

A volume profile indicates $3.10 as a pivot level. The next resistance is a Fib extension at $3.195 to $3.256. The market has a bullish structure above $3.10, as it is now riding the clean, blue, up-channel.

Trade Idea: Buy $3.161 targeting $3.256, stop $3.10.

WTI Crude Oil Reclaims $94.68 – Blue Channel Floor Defense on 2h

WTI holds $94.68 on 2H Chart. Green continuation candles defended a blue ascending channel floor near $92.50 and a red 50-period MA at $94.90. Bullish rejection wicks printed higher lows off the $89.14 swing and cleared out recent distribution. The RSI rose past 48 which confirms momentum is re-asserting itself. A Fib retracement from the May high indicates $96.00 to $98.21 are next resistance clusters. A volume profile indicates $92.50 as strong, dynamic support as buying absorbs selling pressure.

A white descending trendline from April creates resistance near $96.83. The market has a neutral-to-bullish structure above $92.50, while it tested and held clean blue ascending channel support during this test in the larger, ongoing downtrend from the $104 highs. Higher lows are intact.

Trade Idea: Buy $94.68 targeting $96.00, stop $93.00.

Brent Crude Oil Holds $96.93 – Red MA Test on 2h

Brent trades at $96.93 on 2H chart after mixed candles tested the red 50-period MA near $98.21 and a blue descending channel floor. The recent lower highs are visible but the higher lows defended the $94.00 pivot with bodies showing strong rejection.

RSI is near 50 indicating neutral momentum. A volume profile indicates $97.62 as key supply. The next support level is the $94.90 to $92.54 Fib confluence. The market has a neutral structure while defending blue descending channel support in this ongoing test of the larger downtrend from $110 highs.

Trade Idea: Buy $96.93 targeting $98.21, stop $95.50.