Upbeat sentiment boosts oil prices

6:39 PM March 27, 2023

Crude oil is gaining strongly around 4% during today's session, depending on the benchmark, thanks to a significant improvement in market sentiment. The greater chance that the banking sector will not collapse means that we may avoid repeating the situation from 2007-2009. Of course we still can't say for sure that the troubles of the banking sector are over but at the moment the market seems to be entering the "idyllic" mode.

OIL gains 4% today and reached its highest level since March 15. Source: xStation5

On the other hand, NATGAS plunges more than 4% as temperatures in the US are still high and consumption is low. On the other hand, gas production fell by around 4 bcfd from February peaks, but remains above 100 bcfd, which is higher compared to last year.

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NATGAS pulls back sharply. The key support is located around 2.15. Source: xStation5

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