Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Weigh Russian Production Cuts

Natural Gas

Natural gas prices settled near the $1.80 level as traders switched from April contract to May contract.

From a big picture point of view, the trend remains bearish, and natural gas needs significant positive catalysts to gain upside momentum.

WTI Oil

WTI oil pulled back as traders waited for additional catalysts. Yesterday, oil prices moved higher amid reports indicating that Russia ordered its oil companies to cut production to comply with OPEC+ targets. However, this move could have been planned many months ago as some Russian refineries are scheduled to shut operations for seasonal maintenance.

The technical picture remains bullish as WTI oil settled above the $80.00 level and is heading towards the recent highs near the $83.00 level.

Brent Oil

Brent oil has also moved lower amid a broad pullback in the oil markets.

From the technical point fo view, Brent oil consolidates above the important support level at $83.50 – $84.50.

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