Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Stays Flat Despite Strong Dollar

By:

Vladimir Zernov

Published: Mar 22, 2024, 18:22 GMT+00:00

Key Points:

Natural gas managed to stay above the $1.65 level.
WTI oil is swinging between gains and losses as traders wait for catalysts.
Brent oil settled in the $85.00 - $86.00 range.

Natural Gas

Natural Gas 220324 Daily Chart

Natural gas remains under pressure amid a lack of upside catalysts. However, natural gas did not manage to settle below the support at $1.60 – $1.65.

From the technical point of view, natural gas needs to stay above $1.60 – $1.65 to have a chance to gain upside momentum in the near term.

WTI Oil

WTI Oil 220324 Daily Chart

WTI oil is mostly flat as traders wait for additional catalysts. It should be noted that U.S. dollar tests multi-week highs, which is bearish for oil markets.

The technical picture remains bullish as WTI oil stays above the support at $79.00 – $80.00.

Brent Oil

Brent Oil 220324 Daily Chart

Brent oil is also flat ahead of the weekend. The pullback in government bond yields may have provided some support to oil markets in today’s trading session.

In case Brent oil settles back above $86.00, it will head towards the recent highs near the $87.50 level.

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

About the Author

Vladimir Zernovauthor

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.