Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Tests The $75 Level As Iran Signals Progress In Talks

• EIA data showed U.S. crude inventories increased by 2.5 million barrels versus analyst expectations of a 1.5 million barrel decline, with inventories currently 6% below the five-year average
• Iran and Oman reached a preliminary deal on managing the Strait of Hormuz with a designated route for vessels, though implementation depends on U.S. approval amid the ongoing naval blockade
• Natural gas traded flat near $2.70 ahead of an EIA report expected to show working gas storage increased by 30 Bcf, while Brent oil failed to hold above $80.00 despite initial gains

Market Summary: Energy Markets React to Iran-Oman Deal Progress

Date: August 5, 2026

Key Developments

WTI Crude Oil tested the $75 level before pulling back as traders focused on geopolitical developments. Iran announced progress on a deal with Oman regarding management of the Strait of Hormuz, including a designated route for vessels. However, U.S. approval remains pending given the naval blockade on Iranian ports. WTI closed nearly flat (-0.06%).

Brent Crude attempted to break above $80 but lost momentum, ultimately gaining 0.70%. The pullback attracted profit-taking after recent declines.

Natural Gas remained range-bound below $2.70 (-0.63%), with traders awaiting tomorrow's EIA report expected to show a +30 Bcf increase in working gas storage.

EIA Inventory Data

The latest EIA report revealed:

• Crude inventories: +2.5 million barrels (vs. analyst forecast of -1.5 million)
• Current crude inventories: 6% below five-year average
• Gasoline inventories: -1.6 million barrels (vs. consensus -1.3 million)
• Distillate fuel inventories: -3.5 million barrels
• Crude imports: +515,000 bpd to 6.2 million bpd
• Strategic Petroleum Reserve: declined to 304.8 million barrels from 307.7 million
• Domestic production: increased to 13.804 million bpd

Technical Levels

WTI Oil: Support at $73.00-$73.50, resistance at $77.50-$78.00

Brent Oil: Support at $77.50-$78.00, next resistance at 50-day MA around $80.30

Natural Gas: Support at $2.50-$2.55, resistance at $2.75-$2.80

The Iran-Oman deal represents a potential game-changer for oil markets, though uncertainty around U.S. approval continues to moderate price movements.