China's export controls on rare earths and Trump's tariff threats put significant pressure on oil markets.
Natural gas is losing ground amid broad sell-off in the energy markets, which is driven by Trump’s threat to impose massive tariffs on China.
From the technical point of view, natural gas settled below the support at $3.25 – $3.30 and is moving towards the next support level at $3.00 – $3.05.
WTI oil is under strong pressure as traders fear that trade war between U.S. and China will hurt demand for oil.
A move below the $58.00 level will push WTI oil towards the support level at $55.50 – $56.00.
Brent oil is losing ground as traders react to Trump’s comments about China’s export controls on rare earths.
If Brent oil settles below the $62.00 level, it will head towards the nearest support, which is located in the $60.50 – $61.00 range.
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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.