Natural Gas, WTI Oil, Brent Oil – Natural Gas Moved Towards The $2.70 Level

Key Insights

• Natural gas gains ground as traders focus on the recent changes in weather forecasts. 
• WTI oil pulled back amid rate hike fears. 
• Brent oil declined towards the $82 level. 

Natural Gas

Natural gas continues to rebound as traders bet on the colder weather pattern for March. It looks that short covering provides additional support to natural gas prices. Currently, natural gas is trying to settle above the 20 EMA at $2.61. In case this attempt is successful, it will move towards the $2.90 level.

WTI Oil

WTI oil is losing some ground at the start of the week. Traders remain worried about more rate hikes from the Fed. Currently, the market expects that the federal funds rate will peak at 525 bps – 550 bps in 2023. Higher interest rates may put additional pressure on demand for oil.

Brent Oil

Brent oil pulled back towards the $82.00 level at the start of the week. Russia will reduce production by 500,000 bpd in March, and it remains to be seen whether oil markets will be able to develop sustainable downside momentum in the upcoming weeks.

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