Natural gas is under strong pressure as traders react to the EIA report, which indicated that working gas in storage increased by 24 Bcf from the previous week.
In case natural gas settles below the $1.75 level, it will head towards the support at $1.65 – $1.70.
WTI Oil
WTI Oil 110424 Daily Chart
WTI oil is losing ground as traders focus on the refinery outage at Motiva Enterprises facility in Texas.
The technical picture has not changed as WTI oil remains stuck near the resistance at $85.50 – $86.50.
Brent Oil
Brent Oil 110424 Daily Chart
Brent oil pulled back below the $90.00 level as Iran did not make any moves against Israel despite its threats. If geopolitical premium declines, oil markets may gain downside momentum.
From the technical point of view, Brent oil needs to stay above the $90.00 level to have a chance to gain sustainable upside momentum in the near term.
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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.