Market Analysis Summary: Oil and Natural Gas Forecasts
Published: June 12, 2026
Key Highlights
- Natural gas shows signs of recovery after a recent sell-off.
- WTI oil prices are under pressure due to ongoing U.S.-Iran negotiations.
- Brent oil attempts to settle below the $86.00 mark.
Natural Gas Market Overview
Natural gas prices have rebounded as traders engage in dip-buying following a sell-off triggered by an EIA report. The report indicated an increase in working gas storage by +108 Bcf, surpassing the analyst consensus of +101 Bcf. If natural gas prices rise above the resistance levels of $3.20 to $3.25, they may target recent highs around $3.40. The Relative Strength Index (RSI) indicates potential for further upside momentum.
On the support side, a successful test of the $3.00 level could lead to further declines towards the $2.75 to $2.80 range.
WTI Oil Market Overview
WTI oil prices are experiencing a downturn as reports suggest that the U.S. and Iran are nearing an interim deal. This deal, potentially signed during the upcoming G7 summit in Evian, France, could extend a ceasefire and allow Iran to reopen the Strait of Hormuz while the U.S. lifts its naval blockade of Iranian ports. President Trump has reportedly approved the draft of the deal, pending Iran's Supreme Leader Mojtaba Khamenei's response.
Currently, WTI oil is attempting to settle below the $85.00 to $85.50 support range. If it successfully breaks below $85.00, it may decline further towards $81.00 to $81.50. Conversely, for WTI oil to gain upward momentum, it needs to reclaim the $87.00 level, targeting resistance at $91.00 to $91.50.
Brent Oil Market Overview
Brent oil is testing new lows as traders remain focused on the U.S.-Iran negotiations. A successful test of the $86.00 to $86.50 support could lead to further declines towards $81.00 to $81.50. A drop below $81.00 may provide additional downside momentum. Traders should prepare for potential volatility as market reactions to weekend developments could significantly impact prices.
Conclusion
The oil and natural gas markets are currently influenced by geopolitical developments, particularly the U.S.-Iran negotiations. Traders are advised to remain cautious as the situation evolves, with potential for significant price movements based on the outcomes of these discussions.