Oil Falls as Trump Says Iran Talks to Continue; NatGas Drops

WTI crude needs to hold above the $70.50–$71.00 support zone to avoid a sharper selloff, traders said. A break below that range would open a path toward $67.00–$67.50. On the upside, a move back above $73.00 would target resistance at $74.50–$75.00.

Brent crude faces support at $72.00–$72.50 if it falls below $75.00. A drop below $72.00 would test the psychologically important $70.00 level. Resistance sits at $77.00–$77.50, then $81.00–$81.50.

The dollar weakened on the same de-escalation hopes, which typically supports dollar-denominated commodities. Oil fell anyway. Traders said the supply-risk premium is being priced out faster than the currency tailwind can offset. For a broader look at how currency moves interact with commodity prices, see the forex correlation matrix.

Natural gas remained under pressure after the EIA reported a 61 Bcf storage build for the week ended April 11, above analyst estimates. The injection pushed working gas inventories above the five-year average for the first time this season, a bearish signal for a market already struggling with mild spring weather.

Natural gas settled below the $3.00–$3.05 support zone and was testing $2.90. A move below that level would target the $2.75–$2.80 range. The RSI is in neutral territory, leaving room for further downside, technical analysts said. The next support at $2.75–$2.80 is the last line before a test of the $2.50 area, a level not seen since early March.

On the upside, natural gas would need to reclaim $3.00 to stabilize. Resistance at $3.15–$3.20 would then come into play. The storage surplus relative to the five-year average is likely to widen as injection season progresses, keeping the bias lower.