Oil and Natural Gas: Oil is trying to hold above $80.00
- The decrease in crude oil production by the OPEC cartel and the decrease in crude oil inventories shown last night by the report of the American Petroleum Institute strengthened the price of this energy.
- During the Asian trading session, the price of NATGAS hovered around $2.00 without major fluctuations.
Oil chart analysis
The decrease in crude oil production by the OPEC cartel and the decrease in crude oil inventories shown last night by the report of the American Petroleum Institute strengthened the price of this energy. During trading so far, the price of crude oil hovered around the $81.00 level. The oil price has slowly started to move below $81.00 and is now under slight pressure from the EMA15 moving average.
The price could move up to the $80.00 support level. A break below this level could further shake the oil price and send it even lower. Potential lower targets are the $79.00 and $78.00 levels. We need a positive consolidation and return above the $81.00 level for a bullish option. Then we need to keep up there, and with the next impulse, we could continue with the recovery. Potential higher targets are the $82.00 and $83.00 levels.
Natural gas chart analysis
During the Asian trading session, the price of NATGAS hovered around $2.00 without major fluctuations. The price remains under pressure, but it is moving steadily for now. We need a positive consolidation and a break above the $2.10 level for a bullish option.
In this way, we would climb above the EMA50 moving average, which could have a positive effect on the continuation of the price growth of NATGAS. Potential higher targets are the $2.15 and $2.20 levels.
