Market Analysis Summary: Natural Gas and Oil Forecast

Date: June 23, 2026

Key Highlights

• The US-Iran ceasefire has been stable for over eleven weeks, leading to a gradual resumption of tanker traffic through the Strait of Hormuz.
• WTI crude oil has rebounded to $73.70, successfully defending the 0.236 Fibonacci level, indicating bullish momentum.
• Brent crude oil is holding at $77.55, showing neutral-to-bullish momentum as it tests the lower boundary of a descending channel.
• Natural Gas futures are trading at $3.272, maintaining a bullish trend within an ascending channel.

Natural Gas Market Analysis

Natural Gas futures are currently at $3.272, with a strong bullish continuation observed on the 2-hour NYMEX chart. The price has broken above the 50-period moving average at $3.19, indicating buyer control. The Relative Strength Index (RSI) is above 55, suggesting increasing bullish momentum. The main support zone is identified at $3.10, with Fibonacci extensions targeting $3.268 to $3.321.

Trade Idea: Buy at $3.272, targeting $3.321 with a stop-loss at $3.19.

WTI Crude Oil Analysis

WTI crude oil is currently priced at $73.70. The market has shown bullish rebound candles that protect the 0.236 Fibonacci retracement level at $77.69. The RSI is around 48, indicating neutral momentum, while the volume profile suggests a pivot cluster between $77 and $80. The market structure remains neutral to bullish above $77.69.

Trade Idea: Enter long at $73.70, aiming for $77.72, with a stop-loss at $72.00.

Brent Crude Oil Analysis

Brent crude oil is quoted at $77.55, with mixed bullish and bearish candles probing the lower boundary of the descending channel near $76.63. The RSI is around 50, indicating a neutral momentum. The volume profile shows a fair-value area emerging between $78 and $80. The market structure remains neutral to bullish as long as prices stay above the channel support.

Trade Idea: Buy at $77.55, targeting $82.44, with a stop-loss at $76.00.

Precious Metals Overview

Gold and silver prices have moderated due to a decrease in geopolitical risk premiums following the US-Iran memorandum of understanding. Central banks continue to buy gold and silver, diversifying their reserves. However, mining production struggles to keep pace with demand, particularly in the context of industrial fabrication needs.

Broader macroeconomic factors, including fiscal spending by major governments, continue to support demand for precious metals as hedges against inflation and currency instability.

Conclusion

The current market conditions for natural gas and oil indicate a bullish sentiment, with key support levels being defended. The easing of geopolitical tensions has also impacted precious metals, which may see renewed interest as central banks continue to diversify their holdings.