Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Trump Says U.S. Removed All Mines From Hormuz

Natural Gas Is Mostly Flat Amid Lack Of Strong Catalysts

Natural gas remains stuck near resistance level at $2.75 – $2.80 as traders wait for additional catalysts.

The technical picture remains unchanged as traders focus on high demand and strong supply. At this point, the market is balanced.

If natural gas manages to settle above the $2.80 level, it will head towards the 50 MA at $2.95. A move above the 50 MA will open the way to the test of the resistance level at $3.00 – $3.05.

On the support side, a move below the $2.70 level will open the way to the test of the $2.62 level.

WTI Oil Tests Support At $81.50 – $82.00

WTI oil is losing ground as traders focus on Pakistan’s mediation efforts. According to Pakistani officials, there was significant progress during talks in Tehran.

Pakistan’s mediator met with Iran’s President Masoud Pezeshkian and Foreign Minister Abbas Araghchi, trying to find a way out of the current conflict.

Traders also stay focused on U.S. plan to force Iran back to negotiations. The market consensus implies that China’s help would be needed to put maximum pressure on the Iranian economy. This scenario looks unrealistic given the current state of U.S. – China relations.

It remains to be seen whether U.S. is ready to punish China for its deals with Iran. Last year, U.S. – China trade war rattled markets and ended with temporary truce with no clear winner.

Currently, WTI oil is trying to settle below the support level at $81.50 – $82.00. In case WTI oil manages to settle below the $81.50 level, it will head towards the next support level, which is located in the $78.00 – $78.50 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

On the upside, a move above the $84.00 level will push WTI oil back towards the resistance level at $86.00 – $86.50.

Brent Oil Retreats As U.S. Removes Mines From The Strait Of Hormuz

Brent oil retreats as some traders are ready to bet that Pakistan’s efforts will bring results. Traders also focus on recent comments from President Trump.

Trump said that all mines have been removed from the Strait of Hormuz. He added that any ship placing new mines would be destroyed. Iran did not comment on this issue.

Brent oil moved below the support at $91.00 – $91.50 and is trying to settle below the $90.00 level. In case this attempt is successful, Brent oil will head towards the next support level, which is located in the $86.00 – $86.50 range. A move below the $86.00 level will push Brent oil towards the 50 MA at $83.65.

On the upside, Brent oil needs to settle back above the $91.50 level to have a chance to gain upside momentum. In this case, Brent oil will head towards the resistance level at $95.50 – $96.00.

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