Natural gas is mostly flat as traders wait for additional catalysts after the strong pullback from recent highs.
A move below the support at $2.45 – $2.50 will provide natural gas with an opportunity to gain additional downside momentum.
WTI Oil
WTI Oil 310524 Daily Chart
WTI oil is losing ground as traders focus on the upcoming OPEC+ decision on production cuts.
From a big picture point of view, traders are worried that oil demand may be weaker than previously expected.
Brent Oil
Brent Oil 310524 Daily Chart
Brent oil tests support at $80.00 – $81.00 amid demand worries. From a big picture point of view, Brent oil remains stuck between the support at $80.00 – $81.00 and the resistance at $83.50 – $84.50.
At this point, Brent oil needs significant catalysts to get out of the current trading range.
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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.