Natural gas is under strong pressure as traders react to the EIA report, which indicated that working gas in storage increased by 35 Bcf from the previous week.
In case natural gas settles below the support at $2.00 – $2.05, it will move towards the next support level at $1.80 – $1.85.
WTI Oil
WTI Oil 220824 Daily Chart
WTI oil rebounds as traders react to the better-than-expected U.S. Composite PMI report. Short-covering may have also provided support to oil prices in today’s trading session.
A move above the $74.00 level will push WTI oil towards the nearest resistance at $75.50 – $76.50.
Brent Oil
Brent Oil 220824 Daily Chart
Brent oil has also managed to rebound from weekly lows. From a big picture point of view, Brent oil is trying to stabilize after the strong pullback.
In case Brent oil manages to settle back above the $78.00 level, it will head towards the psychologically important $80.00 level.
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.