Gas Prices


  • The oil price stopped at the $96.00 level yesterday, followed by a pullback to the $92.00 support level.
  • Yesterday, the price of natural gas moved in the range of $9.20-$9.40.
  • Crude oil prices fell on Thursday afternoon. And the market watched the Federal Reserve’s speech for signs of future interest rate hikes.

Oil chart analysis

The oil price stopped at the $96.00 level yesterday, followed by a pullback to the $92.00 support level. During the Asian trading session, the oil price recovered to the $94.00 level. For now, we have not managed to break through the barrier at this level. For a bullish option, we need a break above $94.00 and a positive consolidation for further continuation. Additional resistance at $94.50 is the MA50 moving average. Potential higher targets for today are $95.00 and yesterday’s $96.00 high. For a bearish option, we need negative consolidation and a downward turn in oil prices. We would go down again to support at the $92.00 level. A price break below would open up space towards lower supports. Potential lower targets are $91.00 and $90.00 levels.

Natural gas chart analysis

Yesterday, the price of natural gas moved in the range of $9.20-$9.40, with support in the MA200 moving average. During the Asian session, the gas price had a bullish impulse that pushed us to the $9.60 level. And that’s our maximum for today. We currently have a short pullback to the $9.50 level. I need to hold above the $96.0 level for a bullish option. After that, we need a new positive consolidation to continue the bullish trend. Potential higher targets are $9.80 and the $10.00 level, our high from the beginning of the week. For a bearish option, we need a continuation of the current negative consolidation and pullback gas price to the $9.40 support level. After that, we need a break below that to get back down to the $92.00 support zone. If a break occurs below that level, the potential lower targets are $9.00 and $8.80 levels.

Natural gas chart analysis

Market Overview

Crude oil prices fell on Thursday afternoon. And the market watched the Federal Reserve’s speech for signs of future interest rate hikes. Federal Reserve Chairman Jerome Powell is expected to speak tonight at the annual economic policy symposium. Certain sources from OPEC+ confirmed that production cuts could be considered at the next meeting, and if Iran and the US reach an agreement on the nuclear program, OPEC+ could reduce its production even earlier.

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