Commodities Market Update - February 24, 2026

Author: Vladimir Zernov

Published: February 24, 2026, 18:49 GMT+00:00

Key Highlights

• Natural gas prices are declining due to bearish weather forecasts.
• WTI oil is experiencing a pullback as traders take profits ahead of the EIA report.
• Brent oil is also retreating amid a lack of positive market catalysts.

Natural Gas Market Analysis

Natural gas is facing downward pressure as traders react to forecasts predicting above-average temperatures for early March. The market has seen a shift from the March 2026 contract to the April 2026 contract as the expiry date approaches.

Technically, natural gas has settled below the previous support levels of $3.00 - $3.05 and is attempting to establish itself below the $2.80 - $2.85 range. If it successfully settles below $2.80, the next support level is anticipated to be between $2.55 - $2.60. The Relative Strength Index (RSI) indicates that there is potential for momentum to build if favorable catalysts emerge.

WTI Oil Market Analysis

WTI oil prices are declining as traders engage in profit-taking ahead of the upcoming EIA Weekly Petroleum Status Report. The market is closely monitoring U.S.-Iran negotiations, with the third round of nuclear talks scheduled in Geneva. Traders are cautious about increasing long positions due to the uncertainty surrounding these discussions, while the potential for U.S. military action against Iran remains a concern.

The technical outlook for WTI oil shows attempts to settle above the resistance level of $65.50 - $66.00. A successful settlement above $66.00 could lead to a move towards the next resistance level of $70.00 - $70.50.

Brent Oil Market Analysis

Brent oil is also experiencing a pullback, driven by a general lack of positive catalysts in the market. Traders are taking profits following a strong rebound from yearly lows. Recent attempts to settle above the $72.00 level have been unsuccessful, and the market appears to be in a waiting phase.

If Brent oil can establish itself above the $72.00 level, it may gain momentum towards the next resistance level of $73.50 - $74.00. A breakthrough above this level could signal a move towards highs reached during the June 2025 conflict between Israel and Iran.

Conclusion

The commodities market is currently influenced by geopolitical factors, particularly the U.S.-Iran negotiations and weather forecasts affecting natural gas. Traders are advised to remain vigilant for upcoming reports and developments that could impact market dynamics.