Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Remains Under Pressure As Traders Focus On U.S. – Russia Talks

Natural gas is largely flat following the EIA report showing a +7 Bcf increase in working gas storage, with $3.20 serving as a key resistance level. Meanwhile, WTI and Brent crude are under pressure, testing new lows as traders anticipate continued supply increases from OPEC+ and believe Russian output will not be curtailed despite potential geopolitical talks. WTI faces significant downside towards $60.00-$60.50 if it settles below $64.00, while Brent also shows room for further near-term declines.

Analysis

The energy complex is exhibiting divergent behavior, with crude oil facing significant bearish pressure while natural gas remains largely range-bound. The latest EIA report indicating a modest +7 Bcf increase in natural gas storage has resulted in a flat market response, establishing a critical technical pivot at the $3.20 level; a sustained break above this price could signal a move toward the $3.35–$3.40 resistance zone. In contrast, both WTI and Brent crude are testing new lows, driven by expectations of rising supply. Traders are interpreting a potential meeting between US and Russian leaders as a sign that Russian oil output will not be disrupted, compounding concerns over continued supply growth from OPEC+. For WTI, a settlement below the $64.00 level would open a path toward the $60.00–$60.50 support area. Similarly, Brent remains under pressure with its RSI in moderate territory, suggesting sufficient room for additional downside momentum in the near term.

Key Decisions for Investors

• Given the clear bearish sentiment on crude oil driven by supply expectations from OPEC+ and Russia, investors should monitor the $64.00 support level on WTI for a potential breakdown that could accelerate downside momentum in instruments like USO and BNO.
• For natural gas, the market is currently directionless following the EIA report, making the $3.20 price point a key tactical level to watch for establishing directional bets.
• The prevailing geopolitical narrative is currently being interpreted as bearish for oil prices, suggesting caution on long energy positions until there is a fundamental shift in OPEC+ supply policy or a new, unforeseen supply disruption.