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09 May Chart Overview for Oil and Natural Gas

Oil table overview

During the Asian session, oil prices were unstable, ranging between $107.88 and $110.50. At the start of the European session, bearish price pressures intensified, which led to a renewed price decline to the $107.00 level. On Friday, the price only confirmed the previous high at $111.00 and we did not see a new higher high forming on the chart. On the contrary, the price made a new lower high, which is a sign of a trend reversal. The target for the new lower low is the zone around the lower trendline where we can expect potential support and the price range is between $105.60 and $106.45. For the bullish option, we need a return to the $111.00 zone. The price might then put pressure on the resistance zone and make a break to the upside and continue its bullish recovery. Our next bullish target is $111.40, $112.40, then $114.00 March 25 high.

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Overview of natural gas charts

Natural gas price peaked at $8.87 on Friday but pulled back very soon after. The price dropped to $7.69 at the start of the Asian session open. Since then we have been in a bullish consolidation and are now at the $8.12 level. If this trend continues, we can expect a price increase to $8.35. A very important zone is at the $8.68 level and if a break above it, the price could challenge the $9.00 level. To continue on the bearish side, we need to make the first new lower high on the chart in the $8.40 zone. With the Fibonacci setting on the chart, resistance is at the 61.8% Fibonacci level. Such a scenario would force the price to drop to $7.60 and maybe $7.00.

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Market Overview

The International Monetary Fund on Sunday released a report on the impact of rising oil prices on global inflation and prospects for further growth. The key takeaway is: “For some, the current soaring oil prices can be compared to the 1970s, when geopolitical tensions also caused fossil fuel prices to rise.”

“Central banks have also changed since the 1970s. Today there are more independents and the credibility of monetary policy has greatly increased over the past few decades.”

“Global growth is expected to be close to the pre-pandemic average of 3.5%. Even after the April events around the world were affected, forecasts for the global economy have been lowered and inflation could be higher than expected.

“The negative effects could be most pronounced in Europe, as they are relatively dependent on Russian energy imports.

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Callan Tansill

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