Natural gas rallies as traders focus on the restart of Freeport LNG and bet that demand would increase.
In case natural gas climbs above the resistance at $2.25 – $2.30, it will move towards the next resistance level at $2.50 – $2.55.
WTI Oil
WTI Oil 220724 Daily Chart
WTI oil pulls back as traders focus on problems of China’s economy. China’s central bank cut one-year and five-year loan prime rates to boost economy, and traders worry that China’s demand for oil would be weaker than previously expected.
If WTI oil stays below the $79.00 level, it will head towards the next support at $75.50 – $76.50.
Brent Oil
Brent Oil 220724 Daily Chart
Brent oil tests new lows amid demand worries. Rising tensions in the Middle East did not provide support to oil markets as traders focused on supply/demand balance.
A move below the support at $81.50 – $82.50 will push Brent oil towards the next support level at $77.00 – $78.00.
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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.