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WTI, Brent Uptrend Remains Orderly

COMMODITIES
  • WTI and Brent crude futures are rangebound early Thursday, but holding the bulk of the week's gains and sit just below the cycle highs. A bullish sequence of higher highs and higher lows remains intact and moving average studies are in a bull mode reinforcing the current bull trend conditions and market sentiment.
  • It is worth noting that the trends in both Brent and WTI appear orderly and daily ranges highlight a low volatility environment as price gradually continues to climb. From a technical perspective, this reflects a healthy uptrend. Key short-term support levels to watch are: Brent (Q1) - $72.01, June 17 low and $69.26, the 50-day EMA. WTI (Q1) - $69.54, Jun 17 low and $66.51, the 50-day EMA.
  • NatGas storage change data crosses later today, with markets expecting a build of 64BCF.
Energy BulletsCommodities
Energy BulletsCommodities

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