Key Insights
- Natural gas retreats from session highs, seemingly impervious to Australian strikes and looming hurricanes.
- WTI oil backpedals after an unsuccessful gambit to surmount the resistance level at $80.85, raising questions about its upward trajectory.
- Despite China’s stimulus measures and Tropical Storm Idalia concerns, Brent oil fails to find footing, suggesting more catalysts are needed.
Natural Gas
Natural gas pulled back from session highs despite potential strikes in Australia and worries about hurricanes.
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 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 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.
