Market Analysis Summary - February 5, 2026

Key Highlights

• Natural gas prices are rising as traders react to the EIA report indicating a significant decrease in working gas storage.
• WTI oil is experiencing a pullback due to broader commodity market trends and concerns over global deleveraging.
• Brent oil prices are declining as traders await the outcome of U.S.-Iran negotiations.

Natural Gas Market

Natural gas is attempting to stabilize above the resistance level of $3.50 to $3.55. The recent EIA report showed a decrease of 360 billion cubic feet (Bcf) in working gas storage, which has contributed to the upward movement in prices. If natural gas can maintain its position above $3.55, it is expected to target the next resistance level between $3.95 and $4.00.

WTI Oil Market

WTI oil is currently losing ground, influenced by a general pullback in the commodity market. The ongoing global deleveraging, which was initiated by a sell-off in silver markets, is exerting downward pressure on oil prices. A drop below the $63.00 mark could lead to testing the support levels around $60.00 to $60.50.

Brent Oil Market

Brent oil prices have also declined, trading below the $68.00 level as traders remain cautious ahead of the U.S.-Iran talks scheduled to take place in Oman. The Relative Strength Index (RSI) for Brent oil remains in moderate territory, suggesting that there is potential for further momentum in the near term.

Conclusion

The current market dynamics for natural gas, WTI, and Brent oil are heavily influenced by external factors such as storage reports and geopolitical negotiations. Traders are advised to monitor these developments closely as they could significantly impact price movements in the coming days.