Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Oil price falls as natural gas price rises, soybean price halts decline​

​​​WTI on track for third straight day of falling prices while natural gas price rises, soybean price halts decline.​​

Oil Source: Adobe images

​​​WTI on track for third straight day of losses

​Front month WTI futures are about to hit their 72.46 June low as easing supply worries amid hopes of a Middle East ceasefire and a lacklustre economy in the world’s top importer China weigh on prices.

​Below the June low at 72.46 lies the early August trough at 71.28.

​Minor resistance above Friday’s low at 74.64 can be spotted between the mid-to-late May lows at 76.11-to-76.43.

US crude oil chart Source: IT-Finance.com
US crude oil chart Source: IT-Finance.com

​US natural gas

​On Monday US natural gas futures surged around 5% to over $2.20/MMBtu, approaching a one-month high amid tightening supply and demand amid forecasts of intense heat across much of the western, central, and southern US this week, which is expected to drive up cooling demand and boost natural gas use.

​Nonetheless the 200-day simple moving average (SMA) at $2.338 continues to act as resistance, together with last week’s high at $2.350. If overcome, however, the 55-day SMA at $2.440 might be reached.

​Only a currently unexpected fall through Monday’s $2.197 low would have medium-term bearish implications.

Natural gas chart Source: IT-Finance.com
Natural gas chart Source: IT-Finance.com

​Soybean prices stabilize

​Soybean front month futures prices, which have been in a clearly defined downtrend channel since late May, have been trading sideways for the past week or so and are trying to stabilize above their current 963 August low.

​If a rise above Thursday’s high at 985 were to be seen on a daily chart closing basis, the upper downtrend channel resistance line at 1,019 may be reached.

​Failure at 963 would engage the December 2019 high at 958, though.

Soybeans chart Source: IT-Finance.com
Soybeans chart Source: IT-Finance.com

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.

Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Trade on commodities

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

1In the case of all DFBs, there is a fixed expiry at some point in the future.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Tuesday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.