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Natural Gas, WTI Oil, Brent Oil – Oil Markets Remain Under Pressure

By:
Vladimir Zernov
Published: Mar 17, 2023, 17:32 GMT+00:00

Traders remain worried about the potential impact of Credit Suisse's problems on the European economy.

WTI Oil

In this article:

Key Insights

  • 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

Natural Gas
Natural Gas 170323 Daily Chart

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

WTI Oil
WTI Oil 170323 Daily Chart

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

Brent Oil
Brent Oil 170323 Daily Chart

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.

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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