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Natural Gas and Oil Forecast: WTI Bounces to $103, Brent at $110 — Will NatGas Reach $3.20?

FXEmpire · last updated

Oil and Natural Gas Markets Steady as Ceasefire Holds

On May 20, 2026, Crude oil was mostly flat on May 20, 2026, with conditional U.S.-Iran truce remaining firm more than six weeks after its announcement with a steady increase of tanker throughput through the Strait of Hormuz. The reduction in the short-term geopolitical risk in the energy sector, which saw a surge of risk premiums in March and into April, now allows market participants to concentrate their attention on supply and demand. Crude futures (West Texas Intermediate, WTI, and International, Brent) are now reflecting a stable global market.

The supply and demand situation is now well-balanced with strong U.S. production levels, OPEC+ production decisions as well as supply disruptions, which have mostly been addressed and resolved to an extent but not entirely. Demand has been recovering but at a slower pace especially in some emerging economies.

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