Natural Gas, WTI Oil, Brent Oil – Oil Gains Ground As Russia Extends Production Cuts

Key Insights

• Natural gas markets are swinging between gains and losses as traders wait for catalysts. 
• WTI oil gained ground as Russia extended its production cuts until the end of June. 
• Brent oil moved towards the psychologically important $75 level. 

Natural Gas

Natural gas is trying to rebound from multi-week lows amid rising appetite for risk. However, it remains to be seen whether natural gas bulls will find positive catalysts as there are no material changes in weather forecasts.

WTI Oil

WTI oil rebounded above the $69 level after Russia indicated that it would continue to reduce its production by 500,000 bpd until July 2023. According to Russia’s Deputy Prime Minister Novak, Russia will reach the target level of production in the upcoming days.

Brent Oil

Brent oil has also gained upside momentum and moved towards the $75 level. Financial markets calmed down after UBS bought Credit Suisse, which served as a bullish catalyst for oil markets.

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