Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Trump Rejects Iran’s Proposal

Natural Gas Gains Ground Ahead Of The Weekend

Natural gas continues its attempts to settle above the resistance at $2.75 – $2.80 as traders stay focused on recent EIA report and react to weather forecasts.

Current demand for natural gas is moderate. Weather forecasts indicate that demand will stay moderate in the upcoming days, providing some support to natural gas markets.

In case natural gas manages to settle above the $2.80 level, it will head towards the next resistance level, which is located in the $3.00 – $3.05 range. A move above the $3.05 level will push natural gas towards the $3.25 level.

On the support side, a move below the $2.70 level will push natural gas towards the nearest support at $2.50 – $2.55. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

WTI Oil Retreats As Traders Focus On U.S. – Iran Negotiations

WTI oil pulls back as President Trump said that he did not like Iran’s latest proposal.

Interestingly, traders view Trump’s comment as a bearish catalyst as it signals that negotiations between U.S. and Iran continue.

Meanwhile the Strait of Hormuz remains de-facto closed by both Iran and U.S. The situation in the physical market gets tighter day by day, but there are no signs of real progress in U.S. – Iran talks.

The futures market indicates that traders continue to believe that the situation in the Strait of Hormuz will ultimately improve. December 2026 futures have settled near the $80.00 level.

From the technical point of view, WTI oil attempts to settle below the support level at $102.00 – $102.50. If WTI oil manages to settle below the $102.00 level, it will get to another test of the psychologically important $100 level. A move below the $100 level will open the way to the test of the support at $97.00 – $97.50.

On the upside, WTI oil must settle above the nearest resistance level at $108.50 – $109.00 to gain sustainable upside momentum in the near term. In this case, WTI oil will head towards the $117.50 level.

Brent Oil Tests New Lows

Brent oil remains under pressure after yesterday’s sell-off. Some traders are ready to bet on a pullback despite the absence of progress in U.S. – Iran negotiations. Profit-talking also serves as a bearish catalyst for Brent oil.

Traders are not ready to increase their long positions ahead of the weekend amid geopolitical uncertainty. It should be noted that Labour Day, which is celebrated in many countries on May 1, may have played a role in today’s trading. European and Chinese investors are enjoying their day off, which could have limited buyers in the oil markets.

Brent oil settled below the previous support at $111.50 – $112.00 and is trying to settle below the $108.00 level. If Brent oil pulls back below $108.00, it will head towards the nearest support at $103.00 – $103.50. A move below the $103.00 level will push Brent oil towards the 50 MA at $97.17.

On the upside, a successful test of the resistance at $111.50- $112.00 will open the way to the test of the next resistance level at $118.50 – $119.00.

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