Oil and Natural gas: The oil is holding above $72.50
During the Asian trading session, the oil price has support at the $72.60 level.
The price of NATGAS is struggling to stay above the $2.00 level.
Oil chart analysis
During the Asian trading session, the oil price has support at the $72.60 level. The oil price quickly consolidated and rose above the $73.00 level with a bullish impulse. In the continuation, the price climbs to the $73.70 level, where we have less resistance for now. We could see a retreat to the $73.50 level and try to stabilise there, and with a new impulse, we would continue the recovery of the oil price.
Potential higher targets are the $74.00 and $74.65 levels. We need a negative consolidation and price pullback to the $72.50 level for a bearish option. After that, the price of oil should continue to retreat. Potential lower targets are the $72.10 and $71.70 levels.
Natural gas chart analysis
The price of NATGAS is struggling to stay above the $2.00 level. Bearish pressure is still very strong, which could lead to a continued pullback to lower levels below $2.00. Potential lower targets are the $1.99 and $1.90 levels. We need a positive consolidation and price return above the $2.10 level for a bullish option.
After that, we need to hold above there in order to build a better position for the next bullish impulse. Potential higher targets are the $2.15 and $2.20 levels. China’s state-owned oil company Cnooc and French company TotalEnergy have completed the first trade transaction in liquefied petroleum gas (LPG) in yuan through the Shanghai Oil and Natural Gas Exchange.
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