Market Analysis: Oil and Natural Gas Forecasts
Published: May 22, 2026
Author: Vladimir Zernov
Key Points
- Natural gas prices are declining due to bearish weather forecasts.
- WTI oil is under pressure as traders anticipate progress in U.S.-Iran negotiations.
- Brent oil is attempting to settle below the $102.00 level amid ongoing talks.
Natural Gas Market Overview
Natural gas is currently facing downward pressure as traders react to forecasts predicting a decline in demand. The price is attempting to settle below the 50-day moving average at $2.94. A successful breach of this level could lead to further declines towards the support range of $2.75 to $2.80. If prices fall below $2.75, the next target would be around $2.60.
Conversely, for natural gas to gain upward momentum, it must break above the resistance levels of $3.00 to $3.05, which would then allow it to target the $3.20 to $3.25 range.
WTI Oil Market Analysis
WTI oil prices are also retreating as traders focus on the ongoing negotiations between the U.S. and Iran. Recent developments indicate that Pakistan's army chief is visiting Tehran to discuss potential peace agreements, which is perceived as a bearish signal for oil markets. U.S. Secretary of State Marco Rubio mentioned that there has been "slight progress" in the negotiations, which center around Iran's nuclear program and the status of the Strait of Hormuz.
From a technical perspective, WTI oil is testing the support level at $97.00 to $97.50. If it manages to stay below this level, it could decline further towards the next support range of $91.00 to $91.50.
Brent Oil Market Insights
Brent oil is also experiencing a pullback as traders await the outcomes of the U.S.-Iran discussions. Reports indicate that UAE, Saudi Arabia, and Qatar have urged President Trump against restarting military actions against Iran. Traders are cautious, as the negotiations have been ongoing without significant results. If Brent oil settles below the support level of $103.00 to $103.50, it may decline towards the next support level of $96.00 to $96.50.
The Relative Strength Index (RSI) is currently in a moderate range, suggesting that there is potential for momentum to build if favorable catalysts emerge.