Oil and natural gas: The oil price is back at the $80.00

• The price of oil rose again to the $80.00 level. 
• For now, the price of gas manages to stay around the $2.50 level. 

Oil chart analysis

The price of oil rose again to the $80.00 level. During the Asian session, oil consolidated around the $77.50 level, and with a strong bullish impulse, it jumped to the $80.00 level. Now we have to pay attention to how the price will move at that level. We need a break above for a bullish option and try to hold above there.

After that, we could expect to see continued recovery. Potential higher targets are the $81.00 and $82.00 levels. We need a new negative consolidation and price pullback to the $79.00 level for a bearish option. A drop below would drop us below the previous high, and thus we would return to yesterday’s movement zone. Potential lower targets are the $78.00 and $77.00 levels.

Natural gas chart analysis

For now, the price of gas manages to stay around the $2.50 level. Price pressure is still very much present, which could lead to further decline. The next place of support is at the $2.40 level. If we fail to hold above, we will see a breakout below and a continuation of the bearish option.

Potential lower targets are the $2.30 and $2.20 levels. We need a positive consolidation and a move to the $2.70 level, the previous high for a bullish option. A break above could be a sign of weakening price pressure and a possible recovery in the coming period. Potential higher targets are $2.80 and $2.90, as well as the $3.00 level.

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