Natural Gas, WTI Oil, Brent Oil – Oil Markets Remain Under Pressure
Published: Mar 17, 2023, 17:32 UTC•1min read
Traders remain worried about the potential impact of Credit Suisse’s problems on the European economy.
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- Warmer weather forecasts put pressure on natural gas markets.
- WTI oil remains under pressure amid demand worries.
- Brent oil tested new lows but failed to develop additional downside momentum and rebounded towards the $73 level.
Natural gas found itself under pressure due to the recent changes in weather forecasts. The weather is expected to be warmer-than-usual, which is bearish for natural gas prices.
WTI oil remains under pressure amid worries about the potential banking crisis in the EU. The appetite for risk is declining. Traders want to cut their risks ahead of the weekend, which is bearish for oil markets.
Brent oil settled near the $73 level after testing new lows. RSI is in the oversold territory, so the risks of a pullback are increasing. Brent oil will need to climb back above the $76 level to have a chance to gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
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