Natural Gas and Oil Market Forecast: WTI Under $92 While Brent Tests $94

Author: Arslan Ali

Published: June 5, 2026

Key Points

• The US-Iran ceasefire has held for over nine weeks, allowing for a gradual resumption of tanker traffic through the Strait of Hormuz.
• WTI crude oil prices have slipped to $92.29, breaking below key support levels.
• Brent crude oil is holding at $94.69, testing lower channel lines with neutral-to-bearish momentum.
• Natural gas futures are trading at $3.327, maintaining a bullish trend within an ascending channel.

Market Overview

As of June 5, 2026, the crude oil markets are experiencing flat trading conditions, largely due to a conditional ceasefire between the United States and Iran that has been in effect for over nine weeks. This ceasefire has allowed for the gradual resumption of tanker traffic in the Strait of Hormuz, reducing the geopolitical risk that had previously caused significant price volatility.

Both WTI and Brent crude oil prices indicate a more balanced global market. Record high production levels from the US, stable output from OPEC, and increasing production from non-OPEC countries such as Brazil, Guyana, and Canada have contributed to this stabilization. However, the normalization of Iranian and regional supply remains incomplete, and global consumption growth for 2026 is projected to be moderate, particularly as developed economies face higher interest rates and cautious consumer behavior.

Natural Gas Market Analysis

Natural gas futures are currently trading at $3.327, showing bullish continuation within an ascending channel. The price action has established a series of higher lows since a swing low of $2.978, indicating strong buyer support. The Relative Strength Index (RSI) is around 52.0, suggesting bullish momentum, with a potential support level at $3.10. Analysts suggest a trade idea to buy at $3.327 with a target of $3.377 and a stop loss at $3.20.

WTI Crude Oil Analysis

WTI crude oil is trading at $92.29, having broken below key support levels. The price action has shown a series of lower lows, indicating bearish momentum. The RSI is below 45.0, suggesting that a bounce may not occur soon. The next support level is identified in the $90.66 to $89.14 range, with a trade idea to sell at $92.29 targeting $90.66 and a stop loss at $93.50.

Brent Crude Oil Analysis

Brent crude oil is currently at $94.69, testing the support of a descending channel. The price action has shown mixed signals, with higher lows indicating some support, but lower highs suggesting potential weakness. The RSI is near 46, indicating neutral to bearish momentum. A trade idea suggests selling at $94.69 targeting $93.45 with a stop loss at $96.00.

Conclusion

Market participants are closely monitoring upcoming US inventory reports and OPEC+ decisions. While the ceasefire has provided some stability, analysts caution that any setbacks in negotiations could lead to renewed volatility in energy markets.