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

Vladimir Zernov
Published: Mar 26, 2024, 18:16 UTC

Key Points:

  • Natural gas traders switched to May contract.
  • WTI oil pulled back towards the $81.50 level.
  • Brent oil moved below the $86.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 260324 Daily Chart

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 260324 Daily Chart

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
Brent Oil 260324 Daily Chart

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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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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