Brent crude oil prices have rebounded from a low of $68.53, a level not seen since November 2021. This recovery comes amid statements from the Israeli defense minister indicating that the chance for a temporary ceasefire with Hamas is diminishing. Additionally, concerns over potential disruptions in oil supply due to a Category 1 hurricane approaching the western Gulf of Mexico have helped stabilize prices.
Currently, the price is approaching the recent high of $72.08-$72.27 from September 4. If it surpasses this range, it could target the lows from August 5 and 21, which are $74.97-$75.24. However, if prices fall below the $68.53 low, they may revisit the mid-May, August, and November 2021 lows between $65.74 and $64.52.
US Natural Gas Prices Surge
US natural gas futures are reaching two-month highs and nearing the $2.533 low from late May, which may act as a resistance level. The August peak at $2.379 is expected to serve as minor support. As long as prices stay above this week’s low of $2.321, the upward trend is likely to continue.
US Wheat Prices Set for Further Gains
US wheat futures are poised for their fourth consecutive day of gains and are approaching key resistance levels at the 200-day simple moving average (SMA) of $592.00 and the July high of $596.00. This area might act as resistance. Support is seen at this week’s low of $564.00, which falls within the mid-July to mid-August range of $565.00 to $564.00. Below this level, the 55-day SMA at $558.00 could provide additional support.