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Natural gas prices gained ground as traders focused on favorable changes in weather forecasts and positioned for a rebound from current levels.
A successful test of the resistance level at $3.20–$3.25 could push natural gas toward the $3.40 level. If natural gas manages to settle above $3.40, it would likely move toward $3.60.
On the downside, a move below the nearest support at $3.00–$3.05 would open the way for a test of the next support at $2.75–$2.80. RSI remains in the moderate territory, suggesting there is room for momentum to build in the near term.
WTI oil is under strong pressure as the U.S. and Iran reached a deal. The two countries agreed to an interim ceasefire for 60 days to allow time to negotiate a comprehensive agreement. The Strait of Hormuz would be reopened, and the naval blockade of Iranian ports would be lifted.
President Trump said the Strait of Hormuz would be completely open by Friday and that passage through the strait would be toll-free. He also noted that earlier Iran attempted to create a passage system requiring payments from ships transiting the Strait of Hormuz.
The full text of the memorandum of understanding between the U.S. and Iran is expected to be released after Friday. It is not clear whether Trump will attend the signing in Switzerland on Friday; at this point, Vice President JD Vance is expected to sign on behalf of the U.S.
Israel’s operation against Hezbollah in Lebanon remains a major obstacle to reaching a comprehensive deal. However, markets are reportedly focusing on the U.S.–Iran agreement and are largely ignoring escalation risks in Lebanon.
The interim agreement does not address Iran’s nuclear program, which was cited as the key reason for the military operation against the country.
WTI oil is attempting to settle below the support level at $81.00–$81.50. If that attempt succeeds, WTI oil would move toward the next support in the $76.50–$77.00 range. RSI remains in the moderate territory despite the sharp sell-off, indicating potential for momentum if the right catalysts emerge.
Brent oil is testing new lows as traders prepare for the reopening of the Strait of Hormuz. Brent settled below the previous support at $86.00–$86.50 and is trying to settle below $83.00.
If Brent’s attempt below $83.00 is successful, it would move toward the nearest support at $81.00–$81.50. A successful test of $81.00–$81.50 would open the way for a move toward the $77.00–$77.50 support area.
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