Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 3.3% Amid Demand Worries

Natural Gas Moves Higher As Traders React To The EIA Report

Natural gas gains ground as traders focus on the Weekly Natural Gas Storage Report. The report indicated that working gas in storage decreased by -249 Bcf from the previous week, compared to analyst consensus of -257 Bcf.

At current levels, stocks are 97 Bcf less than last year and 130 Bcf below the five-year average for this time of the year.

Current demand for natural gas is low, but the market continues to rebound as traders focus on lower-than-average stocks.

Natural gas received strong support above the $3.00 level and is trying to settle above the $3.25 level. In case this attempt is successful, natural gas will move towards the nearest resistance level, which is located in the $3.50 – $3.55 range.

A move above $3.55 will push natural gas towards the $4.00 level. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in the near term.

WTI Oil Retreats Amid Broad Pullback In Commodity Markets

WTI oil is losing ground as traders focus on the IEA Oil Market report, which was released today.

IEA expects that global oil demand will increase by +850,000 bpd in 2026, compared to +770,000 bpd in 2025.

Oil supply is expected to grow by +2.4 million bpd, reaching the 108.6 million bpd level. According to the IEA, this growth would be evenly split between OPEC+ and non-OPEC+ producers.

As supply is rising faster than demand, oil prices may find themselves under pressure. IEA notes that several factors have provided support to oil prices in recent weeks, including U.S. – Iran tensions, disruptions in Kazakhstan’s key export terminal and extreme weather in North America.

From a big picture point of view, oil markets are supported by geopolitical and one-time factors, while fundamentals remain bearish. In this environment, prices will be sensitive to geopolitical news and general sentiment in global markets.

Current market sentiment is bearish in commodity markets, and silver prices are down by roughly 10%. Such sell-offs typically have an impact on other markets as traders are forced to close positions to meet margin calls.

WTI oil failed to settle above the resistance at $65.50 – $66.00 level and is trying to settle below the $63.00 level. In case this attempt is successful, WTI oil will move towards the nearest support level, which is located in the $60.00 – $60.50 range.

Brent Oil Dives Below The 68.00 Level

Brent oil is losing ground as traders react to pullbacks in precious metals markets and monitor the sell-off in U.S. equity markets.

It looks that the pullback in U.S. indices, which was driven by AI-related worries, hurt global market sentiment and put pressure on oil prices.

The absence of geopolitical news also put pressure on Brent oil. Traders have kept a close eye on U.S. – Iran negotiations and related developments in recent weeks.

With no additional information to digest, oil traders rushed to take profits after the strong rebound from yearly lows.

From the technical point of view, Brent oil faced strong resistance near the $70.00 level and pulled back towards the $67.00 level. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

In case Brent oil settles below the $67.00 level, it will head towards the nearest support, which is located in the $64.50 – $65.00 range.

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