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

By:
Vladimir Zernov
Published: Apr 4, 2023, 17:48 GMT+00:00

Oil markets may need more time to stabilize after the recent rally as traders were unprepared for the surprising OPEC+ production cut.

WTI Oil

In this article:

Key Insights

  • Natural gas is swinging between gains and losses despite rising LNG exports as weather forecasts remain unfavorable for high demand. 
  • WTI oil pulled back below the $81 level as traders took some profits off the table. 
  • Brent oil moved below the $85 level after an unsuccessful attempt to settle above $86.

Natural Gas

Natural Gas
Natural Gas 040423 Daily Chart

Natural gas settled near recent lows despite rising LNG exports as traders remained focused on weather forecasts. The current natural gas demand is low, and the weather forecasts remain bearish.

WTI Oil

WTI Oil
WTI Oil 040423 Daily Chart

WTI oil pulled back from session highs as traders took some profits after the recent rally, which was triggered by OPEC+ decision to cut oil production. Oil markets may have to stabilize for a few days as most traders were shocked by OPEC+ decision and need time to come up with new trading plans.

Brent Oil

Brent Oil
Brent Oil 040423 Daily Chart

Brent oil made an attempt to settle above the $86 level but lost momentum and pulled back below the $85 level. From a big picture point of view, Brent oil will likely face significant resistance in the $87 – $89 area. A move above this resistance area will show that Brent oil is ready to move towards the $100 level.

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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