Commodities Market Analysis: Natural Gas and Oil Forecasts
Published: March 09, 2026
Author: Vladimir Zernov
Key Highlights
- Natural gas prices retreated towards $3.10 amid profit-taking.
- WTI oil attempted to settle above $120, influenced by ongoing Middle East conflicts.
- Brent oil tested multi-year highs as the Strait of Hormuz remains closed.
Natural Gas Market Overview
Natural gas prices have seen a decline as traders opted to take profits despite the ongoing tensions in the Middle East. The market is currently concerned about domestic demand potentially being insufficient to sustain high prices. Technical analysis indicates that natural gas needs to settle below the support level of $3.00 - $3.05 to gain further downside momentum. Conversely, resistance is noted in the $3.25 - $3.30 range, with a breakout above $3.30 potentially pushing prices towards $3.50 - $3.55.
WTI Oil Market Dynamics
WTI oil prices made an attempt to settle above the $120 mark, driven by reactions to the conflict in Iran. Key oil-producing nations, including UAE, Kuwait, Iraq, and Saudi Arabia, have been forced to cut production due to storage issues. The situation escalated with Iran's continued attacks on oil-producing countries, prompting U.S. and Israeli military responses. Analysts suggest that the conflict could extend for weeks, which is bullish for oil prices.
Despite initial gains, WTI oil prices pulled back below $100 as G7 ministers indicated readiness to release reserves to stabilize prices, although no concrete plan has been established. If G7 countries do not act soon, oil prices may see further upward momentum. Currently, WTI is attempting to settle above the resistance level of $94.50 - $95.00, with potential to reach $98.50 - $99.00 if successful.
Brent Oil Market Insights
Brent oil also attempted to breach the $120 level but lost momentum, falling back below $100. This significant movement has likely resulted in the liquidation of many leveraged positions. President Trump has mentioned a plan to address high oil prices, but details remain unclear. If Brent oil settles below the support level of $97.00 - $97.50, it may head towards the next support at $91.50 - $92.00.
Traders should brace for volatility in the upcoming sessions, as the potential release of oil from strategic reserves and further attacks on oil infrastructure could serve as critical catalysts for market movements.
Conclusion
The current state of the commodities market, particularly for natural gas and oil, is heavily influenced by geopolitical tensions and production dynamics. Traders are advised to stay alert to rapid changes in market conditions and potential interventions from global powers.