Market Analysis Summary: Natural Gas and Oil Forecast

Published: March 20, 2026

Key Points

• WTI crude oil is trading near $94 due to rising supply risks in the Strait of Hormuz.
• Traders are monitoring 140 million floating barrels from Iran as a potential buffer against supply shocks.
• Natural gas prices are defending the $3.10 support level while facing resistance at $3.26.

Oil Market Overview

WTI crude oil is currently trading between $93 and $94.50 per barrel, having pulled back from recent highs of $98 to $101. This decline is attributed to tentative signs of potential supply relief and a stabilization of geopolitical tensions in the Middle East. Despite this pullback, prices remain elevated due to fears of significant disruptions in the Strait of Hormuz, contributing to a 'geopolitical premium' in oil prices.

Brent crude oil continues to trade above $100, reflecting ongoing regional risks. The Energy Information Administration (EIA) anticipates that Brent will average above $95 in the near term.

Natural Gas Price Forecast

Natural gas futures are currently around $3.145, maintaining above the critical support zone of $3.10 to $3.03. The market is facing resistance at a descending trendline from the $3.48 swing high. The 50-period moving average is stabilizing around $3.11, with the Relative Strength Index (RSI) at approximately 55, indicating a neutral to bullish sentiment.

A breakout above $3.26 could lead to targets of $3.37 and $3.48, while a close below $3.03 may shift the bias to bearish, targeting $2.92 and potentially $2.82.

WTI Crude Oil Price Analysis

WTI oil is trading around $94.60, supported by the $92.99 level and an uptrend line from the $76.66 swing low. The price is buoyed by the rising 50-period moving average, indicating a solid bullish foundation despite recent sideways movement. Resistance is noted at $98 to $100, with a potential breakout target of $103.08. Conversely, a drop below $92.90 could target $86.75, suggesting a bearish shift.

Brent Crude Oil Price Analysis

Brent oil is trading around $108.12, maintaining above the $106.55 to $106 support zone. The price structure remains bullish, with higher highs and higher lows intact. The 50-period moving average is upward sloping, indicating strong momentum. Resistance is at $114.47, with a potential for renewed upside momentum if this level is breached. A close below $106 could expose lower targets around $100.22 and $94.31, indicating a shift to corrective consolidation.

Conclusion

The oil and natural gas markets are currently influenced by geopolitical tensions and supply dynamics, particularly in the Middle East. Traders are advised to monitor key support and resistance levels closely as market conditions evolve.