Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back On Profit-Taking

By:

Vladimir Zernov

Published: Mar 20, 2024, 17:44 UTC

Key Points:

Natural gas prices moved lower in absence of additional positive catalysts.
WTI oil pulled back towards the $81.00 level as traders took some profits off the table after the release of the EIA report.
Brent oil settled below the $86.00 level.

Natural Gas

Natural Gas 200324 Daily Chart

Natural gas pulls back as traders need additional positive catalysts to push prices above the $1.75 level.

If natural gas climbs above $1.75, it will move towards the resistance at $1.95 – $2.00.

WTI Oil

WTI Oil 200324 Daily Chart

WTI oil moved lower as traders reacted to the EIA report. The report indicated that crude inventories declined by 2.0 million barrels, while total motor gasoline inventories decreased by 3.3 million barrels. Domestic oil production remained unchanged at 13.1 million bpd.

The EIA report was rather bullish, but it looks that traders decided to take some profits off the table ahead of the Fed decison.

Brent Oil

Brent Oil 200324 Daily Chart

Brent oil pulls back amid profit-taking. Traders used the EIA report as an excuse to take some money off the table near multi-month highs.

From the technical point of view, the current pullback looks healthy. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

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About the Author

Vladimir Zernovauthor

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.