Natural Gas, WTI Oil, Brent Oil – Oil retreats amid demand concerns

FXEmpire.com –

Natural gas

Natural gas 100524 Daily chart

Natural gas retreats as traders take some profits off the table ahead of the weekend.

The RSI remains in moderate territory, so there is plenty of room to gain further upside momentum should the right catalysts emerge.

WTI oil

Daily chart of WTI oil 100524

WTI oil retreats after a failed attempt to settle above the $80.00 level. The disappointing Michigan consumer sentiment report and rising Treasury yields served as bearish catalysts for WTI oil.

Technically, WTI oil needs to settle above the $79.00-$80.00 resistance to have a chance to gain sustained momentum.

Brent oil

Brent Oil Daily Chart 100524

Brent crude is losing ground amid a broad pullback in oil markets. The geopolitical premium for oil has declined and the market needs additional positive catalysts to move higher.

If Brent settles below the $83.00 level, it will move to the nearest support at $80.00 – $81.00.

To see all of today’s economic events, see our economic calendar.

This article was originally posted on FX Empire

More from FXEMPIRE:

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.