Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Houthis Attack Saudi-Backed Forces In Yemen

• Natural gas fell as EIA reported storage increased by 33 Bcf versus 31 Bcf expected, with stocks 195 Bcf above the five-year average, pressuring prices toward the $2.50-$2.55 support range
• WTI oil pushed above $77.50-$78.00 resistance toward the 50-day MA at $80.07, driven by Houthi attacks on Saudi-backed forces and potential end to the 2022 ceasefire
• Brent crude tested resistance at $82.00-$82.50 as traders monitored a potential Iran-Oman agreement on Strait of Hormuz management for 2-4 months, though U.S. naval blockade complicates implementation

Market Summary: Oil Rallies on Middle East Tensions; Natural Gas Declines

Key Market Movements

Crude Oil: WTI oil surged +3.15% and Brent oil climbed +3.45% on August 6, 2026, driven by escalating Middle East tensions. Houthi forces attacked Saudi-backed forces in Yemen, claiming Saudi Arabia is preparing military action against them. The 2022 ceasefire between Houthis and Saudi Arabia has expired, with Houthis now imposing a maritime blockade on Saudi ports.

Natural Gas: Declined -1.20%, testing support at $2.65 following a bearish EIA storage report showing a +33 Bcf build versus +31 Bcf expected. Current storage sits -12 Bcf below last year but +195 Bcf above the five-year average, pressuring prices toward the $2.50-$2.55 support range.

Technical Levels

WTI Oil: Testing resistance at $77.50-$78.00, with potential to reach the 50-day moving average at $80.07. Support identified at $75.00 and $73.00-$73.50.

Brent Oil: Attempting to break resistance at $82.00-$82.50, targeting the 50-day MA at $84.10 if successful.

Natural Gas: Key resistance at $2.75-$2.80; RSI approaching oversold territory.

Market Implications

The geopolitical developments pose significant supply disruption risks, particularly if Saudi-Iran tensions escalate. Iran reportedly reached an understanding with Oman regarding Strait of Hormuz management for 2-4 months, though U.S. naval blockades complicate implementation. Saudi Arabia currently favors diplomacy but maintains military readiness.

Energy traders should monitor Middle East developments closely, as any military escalation could drive further oil price increases while natural gas faces continued pressure from oversupply conditions.