Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Retreats As Saudi Arabia Plans To Restart Half Of East-West Pipeline

• Saudi Arabia aims to restore half of East-West pipeline capacity in the coming days and reach full capacity within six weeks after drone attacks halted operations
• WTI oil is testing the $102 support level with potential to drop to $100, while Brent oil attempts to settle below $105 with next support at $101.50-$102
• Natural gas pulled back to test the 50-day moving average at $2.88, with support levels at $2.75-$2.80 and $2.60-$2.65 if the decline continues

Market Summary: Oil Prices Retreat on Saudi Pipeline News

Key Developments

WTI and Brent crude oil declined September 16, 2026, following reports that Saudi Arabia plans to restart approximately half the capacity of its damaged East-West pipeline within days, with full capacity restoration expected in six weeks. The pipeline was previously halted due to drone attacks attributed to pro-Iran militia in Iraq.

Price Levels and Technical Analysis

• WTI oil is attempting to settle below $102.00, with potential downside targets at the psychological $100.00 level and support at $97.50-$98.00. Upside resistance sits at $103.00, with recent highs near $106.50.

• Brent oil tested below $105.00, eyeing support at $101.50-$102.00 and potentially $100.00 if selling pressure continues.

• Natural gas pulled back to test the 50-day moving average at $2.88 ahead of tomorrow's EIA report, with support levels at $2.75-$2.80 and $2.60-$2.65.

Market Catalysts

The Federal Reserve raised interest rates by 25 basis points, in line with expectations, strengthening the U.S. dollar and adding pressure to commodities. The EIA Weekly Petroleum Status Report showed U.S. Strategic Petroleum Reserves declined from 285.4 million to 285.0 million barrels.

Outlook

Despite the pipeline restart, analysts note the global oil deficit will persist until full capacity returns. Geopolitical risks remain elevated given ongoing threats from Houthi rebels and Iranian-backed forces, providing potential support for prices despite near-term technical weakness.