Natgas Eyes $3.26 as WTI Holds $69.64, Brent at $73.06

Oil and natural gas markets settled into a weekly range as ample supply from the U.S. and steady OPEC+ cuts kept the supply-demand balance tight but not strained. U.S. crude inventories barely budged. Record domestic gas production – much of it associated gas from oil wells – was absorbed by strong LNG exports and power sector demand. The LNG sector is running at high utilization in July.

Against this backdrop, the technical patterns are telling a clearer story. Natural gas futures are holding an ascending channel above the $3.18 level, with the RSI at a neutral 52. The swing low at $3.099 marked a bullish rejection, and higher lows have kept the channel intact. Support sits at $3.12 on the volume profile; resistance is at $3.229 to $3.260 on the Fibonacci extension. A close below $3.099 would break the pattern.

WTI crude is defending the $69.64 area, with a support zone at $68.78 that has absorbed selling pressure. The descending trendline from the highs near $72.53 caps upside at $71.15. The RSI near 50 gives no directional edge. Brent crude is in a similar setup, testing the floor of a descending channel at $72.48. Resistance clusters at $74.49 to $76.08. Both crude benchmarks show higher lows inside their respective channels, suggesting buyers are willing to step in on dips.

The trade setups across all three are conditional on support holding. For natgas, a long above $3.22 targets $3.26, with a stop at $3.12. WTI longs at $69.64 aim for $71.15, stop at $68.78. Brent longs at $73.06 target $76.08, stop at $72.48. With RSI neutral across the board, the next move depends on whether support or resistance breaks first.

For traders looking at the LNG export theme, Cheniere Energy (LNG) – which carries an Alpha Score of 66 – is the primary US exporter benefiting from the high utilization rate. LNG stock page