Natural Gas and Oil Forecast: WTI Under $88 While Brent Tests $90 — NatGas Retest in Play?

Oil and Natural Gas Markets Remain Balanced as Ceasefire Holds

Oil markets were flat on June 8, 2026 as the fragile truce between Iran and the United States, over ten weeks old, is holding as a steady, if low-profile, flow of oil tankers resumes through the Strait of Hormuz and the acute geopolitical risk premium is gone, and the markets are refocusing on supply and demand fundamentals, with both WTI and Brent oil prices more reflective of the broader global market where strong US oil production near record highs, OPEC+ production discipline, non-OPEC supply growth in Brazil, Guyana, and Canada, some supply normalization of Iranian and other regional supplies, along with some modest global oil demand recovery, especially in Asia, and some moderate global oil demand growth forecast for 2026 as global borrowing costs are higher and consumers in some major developed economies are more cautious with spending.

Meanwhile, natural gas prices were quiet with some healthy storage gains in the US and Europe from milder spring weather, a lessening of Middle East LNG shipping risks because of the truce, and some softer international natural gas spot prices, with long-term global LNG demand in Asia and Europe remaining relatively strong, as traders look to next US inventory data and OPEC+ policy signals, but the truce has so far removed the risk of supply shocks due to any sudden disruption and analysts warn that the truce is fragile and the oil complex could turn volatile if the truce falters.

Natural Gas Futures At $3.157, Blue Channel Retest on 2h

NYMEX Natural Gas futures are trading at $3.157 on the 2h time frame. Mixed green/red bars have retested from the red MA 50 at $3.20 in the middle of the blue channel. The bullish higher lows pattern is sustained from the swing-low of $2.978 and price has found a floor on buy orders. The RSI at 50 shows no further short term directional momentum and stays neutral. The volume profile has identified $3.10 as the pivot level of support.

The Fib extensions have set a resistance confluence at $3.195 to $3.259. All in all, the trend structure remains bullish above $3.10 as it defends its upward channel pattern from May lows. The price continues to build higher highs and higher lows as the buyers are taking control on dip moves.

Trade idea: Buy $3.157, target $3.259, stop $3.10.

WTI Crude Oil Down to $87.63, Blue Channel Breakdown Speeds Up on 2h

WTI is trading at $87.63 on the 2h time frame. Red continuation bars broke out from the blue channel floor around $89.89 and from the red MA 50 in the $92.00 range. The bearish red bars with strong selling wicks created fresh lower lows from the most recent high of $95.50, and this has been a sign of distribution. As the price fails in different levels, it heads towards the Fib extension zone of $86.44 to $84.11.

The RSI has broken below 45 and signals no longer any upward momentum. The volume profile has highlighted the level of $92.59-$94.00 as a strong level of supply. The long-term white trendline of lower highs remains capping the short term upward movement. All in all, the trend structure remains strongly bearish below $89.89 in an extended down-channel from $100. There is an abundance of lower highs and lower lows where sellers are taking control over the market.

Trade idea: Short $87.63, target $86.44, stop $88.80.

Brent Crude Oil Down to $90.95, Red MA Rejection Inside the Down Channel on 2h

Brent is trading at $90.95 on the 2h time frame. Red bars have rejected from the red MA 50 in the $94.00 range and broken out from the blue channel support. Mixed red/green bars have set fresh lower highs and are distributing as they test the pivot of $89.88. The RSI at 48 shows no longer any up-side momentum and there is no sign of a retrace from oversold conditions. The volume profile has highlighted $94-$96 as failed fair value and a level of supply and demand dominance for sellers.

The Fib retracement has signaled the next downside confluence at $89.88 to $88.00. The trend structure remains neutral and bearish below $92.73 while the price continues to slide from $104 inside an extended down channel from $104. Long term rejection bars at high prices show that there are no signs of buyers reengaging when it goes higher.

Trade idea: Short $90.95, target $89.88, stop $92.00.