Oil and natural gas: Oil climbs to the $83.00 level again

Oil chart analysis

The price of oil rose to $83.17 on Thursday. There we form a new annual value of oil. The price is now at the $83.00 level, and we can expect to see a continuation to the bullish side next week. Today is Friday, and the market is closed for the Easter holiday. We will continue on Monday. Potential higher targets are $83.50 and $84.00 levels.

If we were to move to the bearish side, the zone around $82.50 is important. We had a previous consolidation there, and a pullback below it would only strengthen the bearish momentum of the oil price. After that, we can expect to slide lower in search of new support. Potential lower targets are $82.00 and $81.50 levels. Additional support in the zone around $82.00 is the EMA50 moving average.

Natural gas chart analysis

The price of natural gas fell to the $1.57 level yesterday, a new weekly low. We find support at that level and move back above $1.60 to the upside. Then, we start with a positive consolidation and climb up to the $1.34 level. In the US session, we had natural gas-related news on inventories. The data showed that there was a greater withdrawal of natural gas from the stockpiles than forecast.

Gas reacted positively to such news, and the price jumped to $1.66. We tested the weekly open price there, but we did not manage to stay up there. Additional pressure was created by the EMA200 moving average in that zone, and the price retreated to the $1.62 level. Here, we get new support and close the market at $1.63. After the positive news, we expect the price of natural gas to continue to rise.

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