Natural gas tests new lows as traders react to the EIA Weekly Natural Gas Storage Report, which indicated that working gas in storage increased by 92 Bcf from the previous week.
A move below the $1.60 level will provide natural gas with an opportunity to gain additional downside momentum.
WTI Oil
WTI Oil 250424 Daily Chart
WTI oil rebounded from session lows and moved higher despite the disappointing U.S. GDP Growth Rate report. It looks that Middle East tensions provide sufficient support to oil markets.
If WTI oil climbs above the $84.00 level, it will move towards the resistance at $85.50 – $86.50.
Brent Oil
Brent Oil 250424 Daily Chart
Brent oil has also managed to move away from session lows as traders focused on geopolitical risks.
From the technical point of view, Brent oil remains stuck below the key resistance at $89.00 – $90.00.
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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.