Natural gas prices have reached a significant cluster of technical resistance around the $2.90 level, a pivotal point that traders are watching to determine the commodity's next directional move.
West Texas Intermediate crude oil has paused its sharp ascent near the $104.46 resistance level. Technical signals such as a weakening MACD and a near-overbought RSI suggest the rally is losing steam, putting key support levels in focus.
London Gas Oil futures climbed to a five-hour high on Monday, pushing against a critical technical resistance level near $1,524 as indicators such as declining volume and a high RSI suggest the rally may be losing steam.
Commodity vessel traffic through the critical Strait of Hormuz fell to single-digit levels per day over the weekend, significantly below the recent 10-day average, according to preliminary shiptracking data.
Gold edged lower after August's core inflation rose more than expected, increasing the likelihood of a Federal Reserve rate hike this week. Surging oil prices added to the inflationary pressures weighing on the non-yielding metal.
A high-stakes meeting between Iran and Gulf Arab states to discuss security in the Strait of Hormuz has been postponed, compounding market fears after fresh attacks on regional oil infrastructure, including a key Saudi pipeline.
Crude oil benchmarks jumped early Monday as Houthi attacks on Saudi Arabian energy infrastructure and a postponed meeting between Iran and Gulf nations heightened concerns over supply disruptions.
Brent crude futures surged past $108 a barrel after reports of new strikes on Saudi Arabian infrastructure and ships in the Gulf, fueling market fears of a significant supply disruption.
A drone attack has shut down Saudi Arabia's key east-west pipeline, threatening to halt the export of 4 million barrels per day as Red Sea port inventories dwindle. The outage exacerbates an existing global supply crunch that has already pushed fuel prices to record highs.
