Market Analysis Summary: Natural Gas and Oil Forecasts
Published: March 19, 2026
Author: Vladimir Zernov
Key Points
- Natural gas is attempting to settle above the resistance level of $3.25 - $3.30.
- WTI oil has retreated due to efforts to curb oil prices.
- Brent oil failed to maintain levels above $119.00 and has pulled back.
Natural Gas Market Overview
Natural gas prices are on the rise as traders react to the latest EIA Weekly Natural Gas Storage report, which indicated an increase of +35 Bcf in working gas storage, surpassing analyst expectations of +31 Bcf. Current storage levels are +177 Bcf higher than last year and +47 Bcf above the five-year average.
Additionally, geopolitical tensions have impacted supply, particularly following strikes by Iran on Qatar, which have damaged 17% of Qatar's LNG export capacity. QatarEnergy's CEO has stated that repairs could take 3-5 years. If natural gas successfully breaks above the $3.25 - $3.30 resistance, it may target the next resistance level of $3.50 - $3.55.
WTI Oil Market Overview
WTI oil prices have decreased as the International Energy Agency (IEA) has begun releasing oil from strategic reserves to alleviate market pressures. The U.S. is set to contribute the largest share, releasing 172.2 million barrels, while Japan and Canada will contribute 79.8 million and 23.6 million barrels, respectively, totaling 426 million barrels from IEA members.
Despite these efforts, WTI oil has struggled to maintain levels above $100.00, currently retreating towards $96.00. A drop below this level could lead to further declines towards the $90.00 - $90.50 support range.
Brent Oil Market Overview
Brent oil has also seen a pullback after an attempt to settle above the $118.50 - $119.00 resistance. Profit-taking among traders has contributed to this decline, especially in light of the IEA's strategic reserve releases. If Brent oil falls below $108.50, it may target the nearest support at $103.00 - $103.50. Conversely, maintaining above $109.00 is crucial for any potential upward momentum.
Conclusion
The current market dynamics for natural gas and oil are heavily influenced by geopolitical tensions and strategic reserve releases. Traders are closely monitoring resistance and support levels as they navigate these volatile conditions.