Key Points:
Natural gas made an attempt to settle below the $2.00 level. WTI oil pulled back below $77.50 as traders remained worried about China’s problems.Brent oil pulled back towards the psychologically important $80.00 level.
In this article:
Natural Gas
Natural gas is mostly flat as traders wait for additional catalysts after yesterday’s bearish EIA report.
A move below the $2.00 level will push natural gas towards the next support at $1.80 – $1.85.
WTI Oil
WTI oil retreats as traders remain concerned about China’s economy. Falling Treasury yields did not provide support to oil markets in today’s trading session.
If WTI oil settles below the support at $75.50 – $76.50, it will move towards the next support level at $71.50 – $72.50.
Brent Oil
Brent oil tests new lows amid demand concerns. It should be noted that geopolitical premium has declined in recent weeks, which was bearish for Brent oil.
In case Brent oil settles below the $80.00 level, it will head towards the nearest support at $77.00 – $78.00.
For a look at all of today’s economic events, check out our economic calendar.
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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.
