Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Losing Some Ground Amid Profit-Taking

Natural Gas Retreats From Session Highs

Natural gas pulled back from session highs as traders sold the rally, which was triggered by a cold snap.

Traders used the rally as an opportunity to exit their long positions or open short positions. Longer-term weather forecasts remain bearish and indicate that demand will drop.

Currently, natural gas is trying to settle below the support level at $3.00 – $3.05. In case natural gas settles below the $3.00 level, it will move towards the next support, which is located in the $2.70 – $2.75 range. RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.

WTI Oil Is Volatile As Traders Wait For News From Iran

WTI oil is swinging between gains and losses as traders stay focused on U.S. – Iran nuclear deal negotiations.

Nothing happened over the weekend, so some traders rushed to take profits near multi-month highs.

Most traders are not ready to short the market as the upside potential in case of a U.S. strike against Iran would be huge. In this environment, oil prices are moving back and forth as traders are waiting for new developments.

It should be noted that geopolitical risk is not fully priced in by the market. One could argue that traders have not even started to price in the potential major military operation against Iran.

In such a scenario, WTI oil prices may quickly test the highs that were reached back in June 2025 and move above the $80.00 level.

From the technical point of view, WTI oil continues its attempts to settle above the resistance at $65.50 – $66.00. If WTI oil stays above the $66.00 level, it will move towards the next resistance level, whcih is located in the $70.00 – $70.50 range.

Brent Oil Is Moving Lower Amid Profit-Taking

Brent oil is losing some ground as traders continue to take profits off the table after the strong rally.

Tariff uncertainty put addiitonal pressure on oil markets today. President Trump decided to increase the 10% worlwide tariff to the 15% level after Supreme Court ruled that his reciprocal tariffs were illegal.

The EU has already paused ratification of the trade deal with the U.S. It remains to be seen whether other countries will follow as Trump noted that he would raise tariffs to high levels for those who “play games” after the Supreme Court decision.

Tariff uncertainty may hurt global trade and put pressure on demand for oil. That said, U.S. – Iran tensions will remain the key catalyst for oil markets in the foreseable future. Traders will turn their attention to tariff news in case there are no developments in the Middle East.

Brent oil has recently made several attempts to settle above the $72.00 level, but these attempts yielded no results. In case Brent oil manages to settle above $72.00, it will move towards the resistance level at $73.50 – $74.00.

On the support side, the nearest significant support level for Brent oil is located in the $69.00 – $69.50 range. If Brent oil pulls back below the $69.00 level, it will head towards the $67.00 level. A move below $67.00 will open the way to the test of the support at $64.50 – $65.00.

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