Natural Gas and Oil Forecast: WTI & Brent Bounce, NatGas Breakout — More Upside Ahead?

Oil and Natural Gas Markets Remain Balanced as Ceasefire Stability Persists

Oil prices were steady on Monday (June 1, 2026), with the tentative U.S.-Iran ceasefire, which has been in force for more than nine weeks, holding strong. Tanker traffic in the Strait of Hormuz is gradually returning in line with the truce. The agreement has largely removed the geopolitical risk premium that dominated energy markets earlier this year, and has allowed the markets to focus on more fundamental factors.

Both the WTI and Brent benchmarks reflect the improved global balance. U.S. production was still high last week, OPEC+ production continues to be closely managed, and there was good non-OPEC supply growth from Brazil, Guyana and Canada to balance a recovery in demand that was also evident last week. While oil and gas in Iran, and the region more widely, cannot be considered fully back in the markets yet, there has been a steady return in production.

The improvement in demand will likely remain slow through 2026, as the impact of high interest rates will still have a hold on consumption levels and consumers in developed economies are expected to remain tight-lipped when spending their money.

The natural gas market traded quietly, supported by healthy storage builds in the United States and Europe amid milder spring weather. The ceasefire has also helped ease some pressure on the LNG market as shipping to Asia was less impeded as it was earlier in the year, which should see international gas prices ease, despite the good support from Asian and European demand for next year. Analysts continue to watch upcoming U.S. inventory reports. OPEC+’s meeting in the coming week will also remain a key focus.

Natural Gas Futures Surges to $3.377 – Blue Channel Breakout Momentum

NG is now moving $3.377 on 4H NYMEX with green engulfing candles that has recovered above red moving average and the white trendline inside of the blue ascending channel, bullish continuation has held higher highs intact, relative strength index (RSI) is moving above 55 indicating a positive momentum in next sessions, volume is supporting the move higher, next resistance area to $3.383 to $3.473 fib extension area, currently overall structure remains decisively bullish while $3.377 is well above $3.20 and is also riding clean up-channel.

Trade Idea: $3.377 Buy targeting $3.473, stop $3.25.

WTI Crude Oil Rebounds to $90.29 – 4h Blue Channel Floor Retest

WTI Crude is now moving $90.29 on 4H chart with green continuation candles that has been defended the blue ascending channel floor at $89.70 area, also the red moving average of 50 at $94.90, bullish rejection wicks has printed higher lows from $87.01 recent swing low, it has cleared the $89.68 pivot area, relative strength index (RSI) moving above 48 indicating recovering momentum in next sessions, retracement fibonacci extension from May swing highlights $92.52 to $94.90 in short term resistance cluster, volume profile at $88.80 showing a strong and dynamic support, white descending trendline has put the limit to upside near $96.83, currently overall structure remains neutral-to-bullish while $90.29 is well above $89.70 and it is also testing clean channel support within overall down-trending channel structure from $102 highs.

Trade Idea: $90.29 Buy targeting $92.52, stop $89.00.

Brent Crude Oil Climbs to $94.18 – Blue Descending Channel Bounce

Brent Crude is now moving $94.18 on 4H chart with green candles that have recovered the blue descending channel floor and red moving average of 50 at $96.62, higher lows holds with candle body rejection also it is testing the $94.00 pivot area, relative strength index (RSI) moving near $50 showing neutral momentum in next sessions also volume is supporting price move higher, retracement fibonacci extension to $97.62 and $100.67 resistance, currently overall structure remains neutral-to-bullish while $94.18 is well above $91.66 also defending channel floor from April.

Trade Idea: $94.18 Buy targeting $97.62, stop $93.00.