Natural gas is losing ground as traders focus on Freeport LNG terminal outage, which reduces demand for natural gas.
In case natural gas stays below the $2.25 level, it will head towards the support at $2.00 – $2.05.
WTI Oil
WTI Oil 150724 Daily Chart
WTI oil is losing ground as traders react to disappointing economic reports from China. The country’s GDP Growth Rate was 4.7% in the second quarter, compared to analyst consensus of 5.1%. Retail Sales increased by 2% year-over-year in June, while analysts expected that they would grow by 3.3%.
If WTI oil settles below the $81.50 level, it will continue to move towards the nearest support at $79.00 – $80.00.
Brent Oil
Brent Oil 150724 Daily Chart
Brent oil is moving lower amid concerns about the strength of demand in China.
A successful test of the support at $84.50 – $85.00 will push Brent oil towards the next support level at $81.50 – $82.00.
For a look at all of today’s economic events, check out our economic calendar.
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.