From the technical point of view, natural gas failed to settle above the resistance at $2.60 – $2.65, which is a bearish sign.
WTI Oil
WTI Oil 280823 Daily Chart
WTI oil pulled back after an unsuccessful attempt to settle above the resistance at $80.85.
In case WTI oil settles below the $80 level, it will head towards the nearest support level, which is located near the recent lows at $76.80 – $77.30.
Brent Oil
Brent Oil 280823 Daily Chart
Brent oil has also moved lower in today’s trading session. China’s stimulus measures and worries about Tropical Storm Idalia did not provide enough support to oil markets.
At this point, it looks that Brent oil will need additional catalysts to get back to the upside trend.
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.