Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As U.S. Says Ceasefire Remains In Place

Natural Gas Moves Lower Amid Profit-Taking

Natural gas pulls back as traders take some profits off the table after the rebound. Cooler weather forecasts provided support to the market in recent trading sessions, but it looks that natural gas needs additional positive catalysts to move higher.

From the technical point of view, natural gas attempts to settle above the resistance level at $2.75 – $2.80. If natural gas manages to settle above the $2.80 level, it will move towards the next resistance, which is located in the $3.00 – $3.05 range.

On the support side, a move below the $2.75 level will push natural gas towards the $2.60 level. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

WTI Oil Tests Support At $102.00 – $102.50

WTI oil pulled back as U.S. did not respond to Iran’s attacks on the United Arab Emirates. U.S. said that ceasefire was still in place. The truce was confirmed by Defense Secretary Pete Hegseth.

Hegseth noted that U.S. naval blockade of Iranian ports remained in place, adding that U.S. forces were ready to resume the military operation against Iran if needed.

Iran said that “Project Freedom”, which aimed to help vessels pass the Strait of Hormuz, was a violation of the ceasefire. Currently, the Strait of Hormuz is de-factor blocked.

Traders reduce their bets on the restart of the military operation against Iran as U.S. showed no reaction to Iran’s attacks. It should be noted that U.S. blockade of Iranian ports puts significant pressure on Iran, which means that the country will try to lift the blockade.

The risks of additional escalation are rising despite the lack of response to Iran’s attacks, so it remains to be seen whether oil markets will gain sustainable downside momentum in the near term.

Currently, WTI oil is trying to settle back below the support level at $102.00 – $102.50. In case this attempt is successful, WTI oil will head towards the psychologically important $100 level. A move below $100 will push WTI oil towards the next support at $97.00 – $97.50.

Brent Oil Retreats As Geopolitical Risk Premium Declines

Brent oil pulled back as traders focused on the situation in the Middle East. Geopolitical risk premium declined, which was bearish for Brent oil.

Traders should note that the situation in the physical oil market has not improved as the Strait of Hormuz remains blocked. December 2026 futures have already climbed above the $90.00 level, indicating that traders bet on a long-lasting damage to oil supply.

Brent oil made an attempt to settle above the resistance level at $111.50 – $112.00 but lost momentum and pulled back. If Brent oil declines below the $110.00 level, it will head towards recent lows near the $106.00 level. A move below the $106.00 level will open the way to the test of the support at $103.00 – $103.50.

On the upside, Brent oil needs to settle back above the $112.00 level to have a chance to gain sustainable upside momentum in the near term.

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