The price of WTI crude oil futures are settling down -$0.86 or -0.84% at $99.88. The high price reached $100.72. The low price extended to $98.16.
Meanwhile, natural gas market continued to be influenced by the Nord stream 1 drama. It seems that flows will restart on Thursday but at a reduced capacity (30%). Russians Putin is blaming maintenance condition of turbines for the decreased supply on.
The continued uncertainty helped to push the natural gas futures prices sharply to the upside.
Looking at the hourly chart above, in a post yesterday I outlined how the 50% retracement at $7.49 stalled the rally yesterday with the subsequent price moving back down toward the 38.2% retracement at $6.97. Support buyers lean against that retracement level.
In trading today, the price has been able to extend above the 50% retracement level. Sellers were forced to buy pushing the price up to a high price of $7.92.
The current price is trading at $7.88 up $0.67 cents or 9.27% on the day. The next target comes in at the $8 level where the 61.8% retracement of the move down from the June 8 cycle high is found. That level also near a swing low from June 9 and near a swing high from June 16 (see red numbered circles on the chart above). However, if flows continued to be restricted, the trend to the upside should continue.
