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Natural Gas, WTI Oil, Brent Oil – Oil Markets Pull Back From Session Highs Amid Profit-Taking

By:
Vladimir Zernov
Published: Mar 23, 2023, 17:39 GMT+00:00

Oil traders are taking some profits off the table after the strong rebound.

WTI Oil

In this article:

Key Insights

  • Natural gas is trading near recent lows after EIA report. 
  • WTI oil pulled back towards the 70 level. 
  • Brent oil settled near $76 after an unsuccessful attempt to climb above the $77.50 level. 

Natural Gas

Natural Gas
Natural Gas 230323 Daily Chart

Natural gas settled near the $2.20 level after the release of the EIA Weekly Natural Gas Storage Report. The report indicated that natural gas in storage decreased by 72 Bcf from the previous week, compared to analyst consensus of -75 Bcf. The report missed analyst estimates so bulls will have to wait for the changes in weather forecasts.

WTI Oil

WTI Oil
WTI Oil 230323 Daily Chart

WTI oil pulled back from session highs as traders took profits after the strong rebound. The weak dollar provided material support to oil markets today. From the technical point of view, it looks that WTI oil is facing more resistance as it moves towards the 20 EMA, which is located at $72.50.

Brent Oil

Brent Oil
Brent Oil 230323 Daily Chart

Brent oil pulled back towards the $76 level after an unsuccessful attempt to settle above $77.50. If Brent oil moves below the $76 level, it will head towards the support at $75.

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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