Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Lower As Iran Attempts To Reach Deal With U.S.

Natural Gas Tests New Lows As Traders React To Bearish Changes In Weather Forecasts

Natural gas is losing ground as traders focus on bearish weather forecasts, which point to above-average temperatures at the beginning of March.

It should be noted that traders switched from March 2026 contract to April 2026 ahead of the expiry date of March contracts.

From the technical point of view, natural gas settled below the previous support at $3.00 – $3.05 and is trying to settle below the support level at $2.80 – $2.85.

In case natural gas manages to settle below $2.80, it will move towards the next support, which is located in the $2.55 – $2.60 range. RSI remains in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

WTI Oil Moves Lower As Traders Take Profits Ahead Of EIA Report

WTI oil is losing ground as traders remain focused on U.S. – Iran talks and prepare for the EIA Weekly Petroleum Status Report, which will be released tomorrow.

The third round of nuclear talks will take place on Thursday in Geneva, Switzerland. Iran has recently said that it was prepared to take necessary steps to reach deal with the U.S.

It looks that traders are not ready to increase their long positions ahead of the next round of negotiations. At the same time, few traders are ready to short the market as the U.S. may deliver strikes against Iran in case negotiations fail.

At this point, the market has found its balance, and traders are waiting for geopolitical catalysts.

That said, traders will pay close attention to the EIA report, which will be released ahead of nuclear talks. Perhaps, the EIA report will be the only significant catalyst for WTI oil tomorrow.

Traders will also monitor the developments in Trump’s tariff policy. The current global tariff rate is set to 10%, and President Trump said that he would raise it to 15%. Tariff uncertainty may put some pressure on oil markets, although U.S. – Iran negotiations will remain the key driver in the upcoming trading sessions.

The technical picture remains unchanged as WTI oil continues its attempts to settle above the resistance level at $65.50 – $66.00. If WTI oil manages to settle above the $66.00 level, it will move towards the next resistance at $70.00 – $70.50.

Brent Oil Pulls Back As Traders Wait For Geopolitical News

Brent oil is moving lower amid broad pullback in the oil markets, which is driven by lack of additional positive catalysts.

The market is in the waiting mode, and traders continue to take profits after the strong rebound from yearly lows.

It should be noted that Brent oil has recently made several attempts to settle above the important $72.00 level, but these attempts yielded no results.

If Brent oil manages to settle above the $72.00 level, it will gain additional upside moemntum and move towards the nearest resistance level, which is located in the $73.50 – $74.00 level.

A move above this level will signal that Brent oil is ready to move towards the highs that were reached back in June 2025 during the conflict between Israel and Iran.

If you’d like to know more about how commodity markets work, please visit our educational area.