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Oil and Natural Gas – Bearish or bullish trend?

  • During the Asian session, the crude oil price fell after yesterday’s withdrawal.
  • The price of natural gas continues its bullish trend that started yesterday but at a slower pace today.

Oil chart analysis

During the Asian session, the crude oil price fell after yesterday’s withdrawal. Hungary has come up with new demands, and EU ambassadors failed to approve a ban on Russian oil imports yesterday. He will meet again today. Hungary demands that Patriarch Kirill, the head of the Russian Orthodox Church, be removed from the proposed list of sanctioned persons. Hungary has also claimed the right to sell Russian oil, which it processes. Saudi Arabia and the UAE are ready to increase oil production if oil production in Russia drops significantly. Talks are underway that Saudi Arabia and the UAE will immediately increase production and that this will be announced at today’s OPEC + meeting. In addition, there is a plan for US President Biden to visit Saudi Arabia by the end of June. The American Petroleum Institute announced last night that crude oil stocks in the USA dropped by 1.18 million barrels. Crude oil traded at $ 112.20 a barrel, down 2.72% from trading tonight. The meeting of the OPEC + initiative starts at 14:00, and at 16:30, the official government report on the state of crude oil and oil derivatives stocks in the USA will be published. We see that the price is very close to the bottom line of this growing channel. Based on that, the price could find support in the $ 110.00-111.00 price zone. From that level, a new bullish impulse could occur. After that, the price would have to rise to $ 115.00 to form the first higher high. We need to continue the negative consolidation and break below the $ 110.00 price and the bottom line of support for the bearish option. Potential lower targets are $ 108.00, $ 107.00, $ 105.00 and $ 103.00 previous low from May 19th.

Oil chart analysis

Natural gas chart analysis

The price of natural gas continues its bullish trend that started yesterday but at a slower pace today. The price tested the $ 8.00 level yesterday, found support and climbed to $ 8.70 very quickly. Then this morning, we tested the 8.80 level, and we need a break above to strengthen the bullish trend. Potential bullish targets are $ 9.00, $ 9.20 and $ 9.33 previous high. We need a negative consolidation and withdrawal below the $ 8.40 price tag for the bearish option. After that, natural gas could go down to another $ 8.00 price test, and a break below would only increase the negative pressure. Our potential bearish targets are $ 7.80, $ 7.60 and $ 7.40.

Natural gas chart analysis



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