Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats From Session Highs As Trump Hints U.S. May Restart Iran Talks

• Saudi Arabia's East-West Pipeline (7 million bpd capacity) suffered attack damage and will be offline for weeks, though Energy Secretary Wright said it would return 'very soon'
• WTI oil failed to hold above $102.50-$103.00 resistance and retreated toward $101.00, while Brent oil pulled back below $105.00 after testing session highs
• Trump announced Russia and Ukraine agreed to halt attacks on energy infrastructure, with Ukraine's Zelenskiy confirming suspension of attacks on Russian facilities if Russia reciprocates

Market Summary: Oil Retreats on Iran Talks Speculation; Natural Gas Rises

Key Price Movements

Natural Gas gained 2.02%, trading at $2.87, testing the 50-day moving average at $2.90. The commodity is targeting resistance at $3.00-$3.05, driven by warm weather expectations and strong LNG demand amid Middle East disruptions.

WTI Crude rose 0.91% but retreated from session highs near $103.00, pulling back toward $101.00. Brent Crude gained 0.50%, attempting to hold above $105.00 after testing higher levels.

Market Catalysts

Oil prices moderated following President Trump's indication that the U.S. may restart negotiations with Iran, reducing geopolitical risk premiums. However, several supply concerns persist:

• Saudi Arabia's East-West Pipeline suffered attack damage and will be offline for several weeks. The pipeline has 7 million bpd capacity, though U.S. Energy Secretary Chris Wright indicated repairs would complete "very soon."

• Trump announced Russia and Ukraine agreed to halt energy infrastructure attacks, potentially easing diesel supply concerns. Russia is the world's second-largest diesel exporter and had previously banned exports. Ukraine's President Zelenskiy conditionally agreed, though Russia hasn't officially confirmed.

Technical Outlook

WTI faces support at the psychologically important $100.00 level, with further downside targeting $97.50-$98.00. Brent could test $101.50-$102.00 support if it breaks below $105.00.

Natural gas remains bullish with RSI in moderate territory, but needs to hold above $2.75 to maintain momentum.

Market Implications

Geopolitical developments remain the primary driver, with diplomatic progress potentially offsetting supply disruption concerns in the near term.