Natural Gas and Oil Forecast: WTI Sinks to $93 on Trump Peace Hopes – Is $87 the Next Floor?

Market Overview

As of April 17, 2026, USOIL (WTI) is trading in a tight range around $93.00 to $93.50 per barrel, losing a bit around 1-1.5% of its value today. Prices have softened a bit with renewed optimism – courtesy of President Trump – that US and Iran may be on the verge of a peace deal, one which could open up the crucial Strait of Hormuz and help ease supply chain disruptions.

However, the ongoing US naval blockade and production shut-ins are still casting a big shadow, keeping prices higher than they were before the conflict started.

Natural Gas (Henry Hub NG) is currently trading at around $2.66 to $2.67 per MMBtu, up a tiny bit by about 0.6 to 1% throughout the day. The underlying fundamentals are still pretty bearish though – what with the mild spring weather having already knocked down heating demand, and the US storing up more natural gas than anyone thought it would, and US production chugging along steadily.

While the global LNG trade does have some exposure to indirect risks from the Hormuz Strait, US prices are getting a bit of a reprieve from the fact that there’s just too much of the stuff being produced here.

Both markets are hanging on the outcome of US-Iran diplomacy versus all the uncertainty still swirling around energy supplies.

Natural Gas Technical Analysis: Testing Trendline Resistance After Base Formation

Natural Gas is trading near $2.68, and is currently trying to get back on the move after a pretty long downtrend. Price has bounced off a strong support zone around $2.55-$2.60, and has sort of formed a short term base. It’s now going to try to break through a trendline that’s been capping the price action for a while.

If we do see a breakout above that trendline, it’s likely to shift the momentum into the bullish camp, and could see us aiming for $2.78-$2.85 levels. The 200-period moving average is still sitting above price, which means that the overall trend is still bearish.

However – the Relative Strength Index (RSI) has actually made a pretty strong recovery from being oversold to getting back up into the 50 zone, which is a sign that momentum is starting to build. But if price can’t make it through to the upside, then we might see consolidation or another retest of the $2.60 support level.

WTI Crude Oil Technical Analysis: Holding $87 Support, Reversal Brewing?

WTI crude oil has leveled out at around $89.80, after a pretty sharp drop from the $110 zone. Price is currently carved in a tight spot, just above a rising trendline that’s serving as a key support level around $87.00. That trendline coincides with a bit of a horizontal base that’s worth keeping an eye on.

The 50-period moving average is acting like a bit of a roadblock around $95.00, and is keeping the short term outlook looking pretty cautious. But despite that, the recent formation of higher lows suggests that some buyers might be starting to get in on the action early.

The Relative Strength Index (RSI) is currently stuck in the 40-45 zone, which suggests that the bearish momentum is starting to wane a bit – and that might be a sign of a potential rebound on the cards. If price can break above $95.00, then $100.00 is looking like a potentially achievable target – whereas if $87.00 support gives way, then we might see another leg down towards $82.00.

Brent Crude Oil Technical Analysis: Compression Below Trendline Signals Breakout

Brent crude is trading around $98.50, and is currently stuck in a tightening range below a trendline that came from the $111 high. Price is holding up well above immediate support around $97.00, but repeated rejections below $100.00-$103.00 have left us wondering how strong resistance looks in that area.

The situation actually looks a bit like a compression is building, which is a phase that often precedes a breakout. The 50-period moving average is starting to flatten, which suggests that bearish momentum is starting to fade.

Meanwhile, the Relative Strength Index (RSI) is slowly clawing its way back up towards the midpoint, which is a sign that buying interest is probably starting to pick up a bit. So if we do see a confirmed breakout above $103.00, then we might see a bit of a surge up towards $107.00 – but on the other hand, a breakdown below $97.00 could see us exposing $94.00 support.