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Natural Gas, WTI Oil, Brent Oil – Oil Gains More Ground After EIA Report

By:
Vladimir Zernov
Published: Mar 22, 2023, 17:13 GMT+00:00

The significant decline in gasoline inventories provided material support to oil markets.

WTI Oil

In this article:

Key Insights

  • Natural gas remains stuck near the $2.25 level. 
  • WTI oil moved above the $70 level after the release of the EIA report. 
  • Brent oil is trying to settle above the $76 level. 

Natural Gas

Natural Gas
Natural Gas 220323 Daily Chart

Natural gas remains stuck near the $2.25 level as traders wait for catalysts. The weather forecasts remain uninspiring for the bulls, and it remains to be seen whether natural gas will be able to gain upside momentum in the upcoming trading sessions.

WTI Oil

WTI Oil
WTI Oil 220323 Daily Chart

WTI oil continues to rebound after the release of the EIA Weekly Petroleum Status Report. The report indicated that crude inventories increased by 1.1 million barrels from the previous week. Gasoline inventories declined by 6.4 million barrels, while distillate fuel inventories decreased by 3.3 million barrels. Meanwhile, domestic oil production increased from 12.2 million bpd to 12.3 million bpd despite the recent pullback in the oil markets.

Brent Oil

Brent Oil
Brent Oil 220323 Daily Chart

Brent oil  managed to get above the $76 level as the rebound continued. Russia’s recent decision to extend production cuts until the end of June provided material support to oil markets.

For a look at all of today’s economic events, check out our economic calendar.

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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