Oil and Natural Gas Prices Drop Amid Tariff Tensions and Market Corrections

Recent declines in natural gas prices reflect subdued demand, with the commodity testing new lows. Should natural gas prices remain below the critical support levels of $3.00 to $3.05, further decline towards the next support zone of $2.70 to $2.75 is likely. Meanwhile, WTI crude oil continues to weaken following President Donald Trump's announcement of plans to impose higher tariffs on Indian imports in response to India's continued purchases of Russian oil. Market participants remain skeptical that India will halt its Russian oil acquisitions, anticipating economic repercussions from the tariff hike. A successful breach of the $66.00 to $66.50 support level could see WTI heading towards the $60.00 to $60.50 mark. Brent oil also experiences downward pressure amid a broad market retreat, with the geopolitical premium decreasing after a brief spike, which contributed to bearish sentiment. Breaking below $67.50 could open the path to test support at $63.50 to $64.00. For comprehensive insights into today's economic events, consult our economic calendar. Vladimir, an independent trader with over 18 years of experience across stocks, futures, forex, indices, and commodities, provides m...