Natural gas rebounds after the recent sell-off as June’24 contracts expire soon. Trading volumes have already shifted to July’24 contracts.
From the technical point of view, natural gas found significant support near the $2.50 level.
WTI Oil
WTI Oil 280524 Daily Chart
WTI oil gains ground as traders focus on the OPEC+ meeting, which will be held on June 2. Traders expect that OPEC+ will continue to provide significant support to oil markets.
A move above the $80.00 level will open the way to the test of the 50 MA at $81.58.
Brent Oil
Brent Oil 280524 Daily Chart
Brent oil tests resistance at $83.50 – $84.50 as traders bet on rising demand during the driving season.
If Brent oil climbs above the $84.50 level, it will move towards the 50 MA at $86.07.
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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.