Oil and Natural Gas: Double Higher High for Today

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Oil and Natural Gas: Double Higher High for Today

Oil and Natural Gas: Double Higher High for Today

• The oil price formed a new higher high at the $88.68 level during the Asian session this morning.


• The price of natural gas continues its three-day recovery, forming a new higher high this morning at the $7.00 level.


• The European Union adopted the eighth package of sanctions against , which includes limiting oil prices.

Oil chart analysis

The oil price formed a new higher high at the $88.68 level during the Asian session this morning. Since then, we have been in retreat, and the oil price is now at the $87.31 level. This pullback could continue to the $86.00 level, where a larger support zone awaits us. If we fail to hold here, we will see a new price pullback to lower levels. Potential lower targets are the $85.00 and $84.00 levels. For a bullish option, we need a new positive consolidation and a return to the $88.50 level. Then we must stay in that place and continue the price recovery with a new bullish impulse. Potential higher targets are the $89.00 and $90.00 levels.

Natural gas chart analysis

The price of natural gas continues its three-day recovery, forming a new higher high this morning at the $7.00 level. We now have a minor pullback to the $6.90 level. We need a continuation of the negative consolidation and a price drop below the $6.80 level for a bearish option. Potential lower targets are the $6.60 and $6.40 levels. For a bullish option, we need a new positive consolidation and price return to the $7.00 resistance level. A break above would be of great use to us. Then we must stay above and try with a new impulse to continue the bullish recovery. Potential higher targets are the $7.20 and $7.40 levels.

Market Overview

The European Union adopted the eighth package of sanctions against , which includes limiting oil prices. In the new package of sanctions, the EU establishes the basis for determining the upper limit of the price of n oil for its transportation by sea. EU sanctions foresee a ban on oil transportation from  by the sea at a price above the established limit from December and oil derivatives from February. In a new package of sanctions, the EU prohibits the import of n goods worth seven billion euros. Yesterday it was announced that the permanent representatives of the member states of the European Union agreed on a new package of sanctions against .

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