Natural Gas
Natural Gas 010524 Daily Chart
Natural gas is losing ground amid worries about Freeport LNG’s recovery and expectations of hawkish comments from Fed Chair Powell.
The technical picture remains bearish as natural gas did not manage to settle above the $2.00 level.
WTI Oil
WTI Oil 010524 Daily Chart
WTI oil tests new lows as traders react to the EIA report, which indicated that crude inventories increased by 7.3 million barrels from the previous week. Total motor gasoline inventories grew by 0.3 million barrels, while distillate fuel inventories declined by 0.7 million barrels.
In case WTI oil settles below the support at $79.00 – $80.00, it will head towards the next support level at $74.50 – $75.50.
Brent Oil
Brent Oil 010524 Daily Chart
Brent oil tests support at $83.50 – $84.50 as traders focus on rising crude inventories in the U.S.
A move below the $83.50 level will open the way to the test of the support at $80.00 – $81.00.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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