Market Analysis Summary - Oil and Natural Gas Forecasts
Published: June 26, 2026
Key Highlights
- Natural gas traders are transitioning from the July 2026 contract to the August 2026 contract.
- WTI oil prices are under pressure as the U.S. does not respond to an Iranian attack on a vessel in the Strait of Hormuz.
- Brent oil is testing support levels around $72.00.
Natural Gas Market Overview
Natural gas prices are attempting to stabilize above the resistance level of $3.25 to $3.30. If successful, prices could rise towards the next resistance levels of $3.35 to $3.60. Conversely, if prices fall below $3.25, they may decline towards the 50-day moving average at $3.12, and further down to the support range of $3.00 to $3.05.
WTI Oil Market Analysis
WTI oil is experiencing significant downward pressure as shipping traffic in the Strait of Hormuz remains unaffected by the recent Iranian attack. President Trump reported that while some drones were destroyed, one managed to hit a ship. The attack has not escalated tensions significantly, leading traders to believe that oil flow through this critical waterway will continue uninterrupted.
WTI oil has fallen below the support levels of $70.50 to $71.50 and is attempting to settle below $69.00. A successful breach of this level could lead to further declines towards the $66.50 to $67.00 range.
Brent Oil Market Insights
Brent oil is also losing ground as traders anticipate increased oil exports through the Strait of Hormuz. Upcoming U.S.-Iran negotiations scheduled for June 28-29 are contributing to bearish sentiment in the market. Currently, Brent oil is trying to settle below the support level of $72.00 to $72.50. If this level is breached, prices may drop towards the next support range of $67.00 to $67.50. The RSI indicator is in the oversold territory, suggesting potential for further downside momentum.
Conclusion
The oil and natural gas markets are currently facing significant challenges, with geopolitical tensions and market dynamics influencing price movements. Traders are advised to monitor key support and resistance levels closely as the situation develops.