- During the Asian session, the price of crude oil fell slightly to $ 108.58.
- Yesterday, the price of natural gas jumped from $ 7.83 to $ 8.83.
- The price of gasoline in the U.S. is at a record high
Oil chart analysis
During the Asian session, the price of crude oil fell slightly to $ 108.58. The German Minister of Economics stated that the EU and the USA plan to introduce a measure that would limit the oil price growth. UBS and JP Morgan have revised up China’s worse GDP growth for this year, from + 4.2% to + 3%. Crude oil is currently trading at $ 109.80 a barrel, down 0.44% from last night the trading start. At 22:30, the issue of the American Petroleum Institute on the state of crude oil stocks in the USA will be published. Since yesterday, the oil price has been retreating after it stood at $ 112.00. If this correction continues, the price could drop to 105-106 zones on the lower support line. Last week’s low is at $ 103.27, level, and the May low is at $ 98.20. We need to get out of this consolidation for the bullish option and break above $ 11.50. After that, we would try again to jeopardize this week’s high at $ 112.00. In the following, our potential bullish targets are $ 113.00, $ 114.00 and $ 115.55 May maximum.
Natural gas chart analysis
Yesterday, the price of natural gas jumped from $ 7.83 to $ 8.83. During the Asian session, we see that the movement was stable at $ 8.70. As the European session started, the price started sending bullish signals again, and now we are testing the 8.83 level again. A price break above is very possible, and such a move could raise us to the $ 9.00 level, which would be a new high this year. The potential targets above are $ 9.20 and $ 9.40. For the bearish option, we need negative consolidation and a pullback below $ 8.60. After that, we can expect a price drop towards the lower support line, and our potential targets are $ 8.40, $ 8.20 and $ 8.00 levels.
The price of gasoline in the U.S. is at a record high
The national average for a gallon of gasoline in the United States reached $ 4.60 on Monday, just over a week before Remembrance Day weekend, when a record number of Americans are expected to hit the road despite rising prices at gas stations. In California, where gas is the most expensive, prices reached $ 6,069 on Monday, up from $ 5,903 a week ago.
According to Reuters, U.S. natural gas futures rose more than 4 % on Monday morning to $ 8,456 per MMB, as U.S. LNG exports peaked in seven weeks to serve LNG-hungry Europe.
Natural gas prices in Europe are about four times more expensive than American natural gas, which has led many American LNG players to export their products outside the American market.
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