Oil and natural gas: The price of gas is stable above $2.40
- Yesterday, the price of crude oil strengthened.
- The price of natural gas is in a bullish trend for the third day after falling to the $2.10 level.
Oil chart analysis
Yesterday, the price of crude oil strengthened. The news that Russia intends to cut crude oil production by 25% in March compared to February positively affected the price, which led to growth and brought the price back above $75.00. The current price is $76.25, and we could continue to the $77.00 level.
The previous resistance zone was $77.00-$78.00. If we were to succeed in our intention to break above, the price would have room to visit the $80.00 level again. We need a new negative consolidation and a price pullback below the $75.00 level for a bearish option.
In this way, we would again be facing the previous low at the $74.00 level. If we see a break below, the potential lower targets are the $73.00 and $72.00 levels.
Natural gas chart analysis
The price of natural gas is in a bullish trend for the third day after falling to the $2.10 level. Yesterday’s bullish impulse pushes the price up to the $2.48 level. During the Asian trading session, the price managed to maintain a range of $2.40-$2.50. Now we need a break above for further gas price recovery.
If we succeed in this, the potential higher targets are the $2.60 and $2.70 levels. We need a negative consolidation and a drop below the $2.40 level for a bearish option. Then there would be a further decline to some lower support. Potential lower targets are the $2.30 and $2.25 levels.
