Oil prices experienced a drop exceeding $1 per barrel as tensions eased in the Middle East

Oil prices experienced a drop exceeding $1 per barrel as tensions eased in the Middle East. This decline was triggered by Israel's partial withdrawal of troops from Gaza and its involvement in ceasefire negotiations, which alleviated concerns about potential disruptions in the oil supply that had previously caused prices to surge.

Concurrently, the natural gas outlook is affected by the decrease in the number of gas rigs in the United States, indicating a potential tightening of supply.

Market observers are closely monitoring geopolitical developments and economic indicators, such as the consumer price index data of the United States and China. These factors are crucial in assessing future decisions by the Federal Reserve and their impact on global energy markets.

Currently, Natural Gas (NG) is priced at $1.86, showing a slight decrease of 0.69%. Key levels to watch include the pivot point at $1.85, with resistance levels at $1.88, $1.92, and $1.95, and support levels at $1.82, $1.76, and $1.72. The 50-day Exponential Moving Average (EMA) is at $1.86, suggesting a balanced market sentiment.

For WTI, the current trading price is $85.66, representing a decrease of 1.34%. The pivot point stands at $84.62, with resistance levels at $86.14, $87.47, and $89.10, and support levels at $83.47, $82.23, and $80.56. The 50-day EMA is at $84.41, indicating potential support levels.

As for Brent, it is currently priced at $89.77, reflecting a 1.34% decline. The pivot point is at $89.01, with resistance levels at $90.42, $91.08, and $92.00, and support levels at $88.08, $87.31, and $86.37. The 50-day EMA is at $88.48, suggesting foundational support levels.

In summary, while the market trends for natural gas, WTI, and Brent remain bullish above their respective pivot points, downward movements below these levels could signal notable bearish trends.