Oil and natural gas: The price of oil rises to $81.80
- During the Asian trading session, the price of oil continued the bullish trend of the previous day.
- During the Asian trading session, the price of natural gas retreated from $2.17 to $2.12.
Oil chart analysis
During the Asian trading session, the price of oil continued the bullish trend of the previous day. A new higher high was formed at the $81.82 level. The price pulled back slightly to $81.60, still very high. According to the current picture, we could expect the oil price to continue to rise. Potential higher targets are the $82.00 and $82.50 levels. We need a negative consolidation and pullback below the $81.00 level for a bearish option. After that, oil would have the opportunity to retreat to the $80.50 level. Once again, we would be able to approach the $80.00 support level. We would look for additional potential support in the zone around $79.50, with support in the EMA50 around the $79.20 level. Today at 16:30, the US Energy Agency will publish its report on crude oil inventories, which may have an impact on the price of this energy product.
Natural gas chart analysis
During the Asian trading session, the price of natural gas retreated from $2.17 to $2.12. At that level, the gas price gains support and tries to start a new positive consolidation for continued recovery. We need to climb to the $2.18 level again and try to move above. Potential higher targets are the $2.20 and $2.25 levels. We need a negative consolidation and a drop to the $2.10 level for a bearish option. Additional support at that level is in the EMA50 moving average. A break below could take us back to the support from the beginning of the week.
