Natural gas is trying to settle below the $3.70 level.
WTI oil declined towards the $70.00 level as traders focused on Iran's attempt to strike U.S. military base in Qatar.
Brent oil pulled back towards the $73.00 level.
Natural Gas
Natural Gas 230625 Daily Chart
Natural gas settled below the previous support level at $3.85 – $3.90 and is trying to settle below the 50 MA at $3.74.
In case this attempt is successful, it will get to the test of the support level at $3.60 – $3.65.
WTI Oil
WTI Oil 230625 Daily Chart
WTI oil is under strong pressure as traders react to Iran’s attack on U.S. military base in Qatar. Traders view the attack as weak, which means that Iran is not ready for additional escalation and will not deal damage to oil routes in the region.
If WTI oil settles below the $70.00 level, it will move towards the next support level, which is located in the $66.00 – $66.50 range.
Brent Oil
Brent Oil 230625 Daily Chart
Brent oil has also suffered a strong sell-off as traders reacted to the developments in the Middle East.
A move below the $73.00 level will open the way to the test of the support level at $71.00 – $71.50.
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Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.