Natural Gas and Oil Market Forecast Summary

Published: April 30, 2026

Author: Vladimir Zernov

Key Highlights

• Natural gas prices are rebounding as traders react to the latest EIA report.
• WTI oil prices are experiencing a pullback due to profit-taking after a strong rally.
• Brent oil has declined below the $110.00 mark amid contract transitions.

Natural Gas Market Analysis

Natural gas prices have shown a positive trend as traders focus on the EIA Natural Gas Storage Report, which indicated an increase of +79 Bcf in working gas storage, slightly below the analyst forecast of +80 Bcf. This marks a significant increase compared to the previous week’s growth of +103 Bcf. Current storage levels are +116 Bcf higher than last year and +153 Bcf above the five-year average.

Natural gas is attempting to settle above the resistance level of $2.75 – $2.80. A successful breakthrough could lead to a rise towards the $3.00 – $3.05 range, with the RSI indicating potential for further momentum.

WTI Oil Market Analysis

WTI oil prices have retreated as traders take profits following a strong rally. The market is experiencing thinner trading volumes due to upcoming Labour Day celebrations in several countries. There has been no progress in U.S.-Iran negotiations, and the Strait of Hormuz remains effectively closed due to a naval blockade by the U.S. and Iran's control.

Iran's Supreme Leader has reiterated the country’s commitment to its nuclear and missile programs, indicating a lack of near-term potential for a diplomatic resolution. WTI oil has struggled to maintain levels above $108.50 – $109.00 and has pulled back below $104.00. The nearest support level is at $102.00 – $102.50, with a successful test potentially leading to further declines towards $97.00 – $97.50.

Brent Oil Market Analysis

Brent oil prices have also declined as traders transition from the June to the July contract. The June contract had previously tested the $126 level, which may have been influenced by short positions. The current pullback appears to be driven by technical factors, including contract expiry and reduced trading volume.

Brent oil is attempting to settle below the support level of $111.50 – $112.00. If this level is breached, it could lead to further declines towards $103.00 – $103.50. Conversely, a rise above $112.00 is necessary for Brent to gain sustainable upward momentum.

Conclusion

The natural gas market is showing signs of recovery, while WTI and Brent oil are facing downward pressure due to profit-taking and technical factors. Traders are advised to monitor key support and resistance levels as market dynamics continue to evolve.