Brent crude oil, natural gas and wheat prices all rise
Brent crude oil, natural gas and wheat prices all rise on supply concerns.
Brent crude oil recovers from November 2021 levels
Brent crude oil futures’ prices are seen bouncing off their 68.53 low, a level last traded in November 2021, as the Israeli defence minister says that the window of opportunity for reaching a temporary ceasefire agreement with Hamas is closing and fears of a supply disruption from a category one hurricane hitting the western Gulf of Mexico helped the oil price to stabilise, see here.
The 4 September low and Tuesday's high at 72.08-to-72.27 are now in sight but may cap the advance today. If not, the 5 and 21 August lows at 74.97-to-75.24 could be back in the picture.
Below this week’s 68.53 low lie the mid-May, August and November 2021 lows at 65.74-to-64.52.
US natural gas prices rally
Front-month US natural gas futures are trading in two-month highs and are getting ever closer to their 2.533 late May low which may act as resistance.
The 2.379 August peak should now act as minor support. While this week's low at 2.321 underpins, upside pressure should be maintained.
US wheat prices on track for more gains
US wheat futures prices are on track for their fourth straight day of gains whilst approaching the 200-day simple moving average (SMA) at 592.00 and the July high at 596.00. This area may act as resistance, though.
Support is seen at this week's 564.00 trough. It was made within the mid-July to mid-August highs at 565.00-to-564.00. Below this zone the 55-day SMA can be spotted at 558.00.
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