Natural Gas and Oil Forecast: WTI Under $88 While Brent Tests $90
Published: June 10, 2026
Key Points
- The US-Iran ceasefire has held for over ten weeks, allowing for a gradual resumption of tanker traffic through the Strait of Hormuz.
- WTI crude oil prices have dropped to $87.63, breaking below key technical levels.
- Brent crude is holding at $90.95, testing lower channel lines with a neutral-to-bearish momentum.
- Natural gas futures are trading at $3.157, maintaining a bullish trend within an ascending channel.
Market Overview
As of June 8, 2026, oil markets are relatively flat due to the ongoing US-Iran ceasefire, which has reduced geopolitical risks and allowed for a steady flow of oil tankers. This has shifted market focus back to supply and demand fundamentals. Key factors influencing the market include:
- Strong US oil production nearing record highs.
- OPEC+ production discipline and growth in non-OPEC supplies from countries like Brazil, Guyana, and Canada.
- Some normalization of Iranian oil supplies.
- Modest recovery in global oil demand, particularly in Asia.
Despite these factors, analysts caution that the ceasefire is fragile, and any disruption could lead to increased volatility in the oil markets.
Natural Gas Market Analysis
Natural gas prices are stable at $3.157, supported by healthy storage gains in the US and Europe, and reduced shipping risks due to the ceasefire. The market is looking ahead to upcoming US inventory data and OPEC+ policy signals. The bullish trend remains intact as prices continue to build higher lows.
Trade Idea: Buy at $3.157, target $3.259, stop at $3.10.
WTI Crude Oil Analysis
WTI crude oil is currently trading at $87.63, having broken below significant support levels. The market shows signs of distribution with fresh lower lows being established. The bearish trend is expected to continue unless the price can reclaim the $89.89 level.
Trade Idea: Short at $87.63, target $86.44, stop at $88.80.
Brent Crude Oil Analysis
Brent crude oil is trading at $90.95, facing rejection from the 50-period moving average. The market is testing key support levels, and the trend remains bearish below $92.73. There are no signs of buyers re-engaging at higher prices.
Trade Idea: Short at $90.95, target $89.88, stop at $92.00.
Conclusion
The oil and natural gas markets are currently influenced by geopolitical factors and supply-demand dynamics. Traders are advised to monitor the fragile ceasefire situation and upcoming economic indicators that could impact market movements.