Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Moves Lower As U.S. Attempts To Restart Russia – Ukraine Talks

Natural Gas Is Under Strong Pressure

Natural gas markets suffered a sell-off as traders focused on warm weather forecasts, which indicated that demand would be weak in the near term.

Natural gas pulled back below the support at $2.85 – $2.88 and is trying to settle below the $2.80 level. In case this attempt is successful, natural gas will head towards the support at $2.70 – $2.73. RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.

On the upside, natural gas needs to settle back above the $2.85 level to have a chance to gain upside momentum in the near term. In this case, natural gas will head towards the resistance level at $3.00 – $3.03.

WTI Oil Moves Lower As Traders Focus On Potential Talks Between Russia And Ukraine

WTI oil pulled back as traders focused on U.S. – Iran negotiations and monitored efforts to stop the years-long conflict between Russia and Ukraine.

Iran signaled that it was ready for serious talks but wanted the U.S. to lift the naval blocade. According to Iranian officials, the country needs a sign indicating that U.S. was also ready for serious talks. Iran wants to return to the previous Memorandum of Understanding, which has quickly collapsed. When the MoU was working, Iran reopened the Strait of Hormuz.

At this point, the market is not ready to believe that a comprehensive deal between U.S. and Iran is around the corner. That said, traders are not ready to increase their bullish bets.

Traders also focused on the visit of President Trump’s envoy, Steve Witkoff, to Russia’s Saint-Petersburg. Russia’s President Putin said that the country was ready to resume negotiations with Ukraine and U.S. It remains to be seen whether Russia and Ukraine are ready for serious discussions of a potential peace deal, but both sides indicated they were ready to talk. The potential peace deal would be a bearish catalyst for oil markets, but traders should note that Russia and Ukraine have sometimes held talks in the last five years, but these talks yielded no results.

Currently, WTI oil is trying to settle below the support level at $96.50 – $97.00. In case this attempt is successful, WTI oil will head towards the next support, which is located in the $92.00 – $92.50 range.

On the upside, a move above the $99.00 level will open the way to the test of the resistance at $100.50 – $101.00.

Brent Oil Remains Stuck Near Key Resistance Level

Brent oil is swinging between gains and losses as traders try to guess the fate of U.S. – Iran talks.

From the technical point of view, Brent oil remains stuck near resistance at $109.00 – $109.50. In case Brent oil manages to settle above the $109.50 level, it will head towards the next resistance level, which is located in the $114.50 – $115.00 range.

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