Market Analysis Summary: Natural Gas and Oil Forecast

Published: February 24, 2026

Key Points

• WTI crude oil is trading near $66.20, close to a six-month high, supported by geopolitical tensions.
• Brent crude remains above $71, with a rising risk premium countering predictions of a year-end surplus.
• Natural gas prices are stabilizing around $2.99, with support at $2.95 and resistance at $3.08.

Market Overview

WTI crude futures are hovering just above $66.20 per barrel, nearing a six-month high. This price level is influenced by ongoing geopolitical tensions, which are raising concerns about potential supply disruptions. Despite predictions of a significant surplus by year-end, these tensions are providing upward pressure on crude prices. Similarly, Brent crude is maintaining its position above $71, driven by a growing risk premium in the energy markets.

Natural Gas Analysis

Natural gas prices are experiencing volatility due to various shifting factors, including new trade policies that could disrupt supply chains. Although the long-term outlook suggests ample global inventories, short-term uncertainties are lending resilience to prices. Currently, natural gas is trading around $2.997, with a trendline support starting at $2.88. A recent test of the $3.25 resistance zone has led to a pullback towards the $2.95-$2.98 support zone, indicating a potential for buyers to step in.

Key technical levels include the 50 EMA at $3.05 acting as short-term resistance and the 200 EMA at $3.08 reinforcing the ceiling. A sustained move above $3.08 could target $3.15, while a drop below $2.94 may expose the $2.88 area.

WTI Crude Oil Analysis

WTI crude oil is currently trading around $66.86, above the support zone of $66.08. This level is significant as it previously served as a consolidation point. The price is contained within a short-term ascending channel, supported by a trendline originating from $62.00. The 50-period EMA at $65.50 is providing solid support, while the 200 EMA at $64.50 indicates a bullish long-term bias. A breakout above $66.50 could lead to a target of $67.14.

Traders are advised to consider buying near $66.10, with a stop loss below $65.30 and a target of $67.50.

Brent Crude Oil Analysis

Brent crude is trading at $71.60, maintaining its position above the 0.236 Fibonacci level at $71.02 after rebounding from a low of $66.84. The price structure shows higher highs and higher lows, supported by a trendline from the recent base. The 50 EMA at $70.80 is effectively supporting short-term pullbacks, while the 200 EMA at $69.50 confirms the overall bullish trend. A break above $72.00 could target $73.18, while failure to break above $70.22 would indicate key support.

Traders are encouraged to buy dips at $71.00, with a stop loss below $70.20 and a target of $72.80.

Conclusion

The current market conditions for both natural gas and crude oil are characterized by geopolitical tensions and technical analysis indicating potential trading opportunities. Traders should remain vigilant of key support and resistance levels while considering the broader economic implications of ongoing developments.