Natural gas is trying to rebound from recent lows as traders take some profits off the table after the pullback.
It remains to be seen whether natural gas will be able to settle back above the $2.10 level as production stays at high levels.
WTI Oil
WTI Oil 290724 Daily Chart
WTI oil pulls back as traders ignore rising tensions in the Middle East. The market believes that the recent strike on Golan Heights will not lead to an all-out war between Israel and the Lebanese group Hezbollah.
A successful test of the support at $75.50 – $76.50 will push WTI oil towards the next support level at $71.50 – $72.50.
Brent Oil
Brent Oil 290724 Daily Chart
Brent oil tests new lows as Israeli officials showed measured response to the attack on Golan Heights. Traders stay focused on the problems of China’s economy, which is bearish for oil markets.
A move below the $79.00 level will open the way to the test of the support 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.