Gas Price Spiked New Peak, Favorable To Crude Oil Demand, USOIL Sways For Bull
Gas price score new high, favorable for crude oil demand, Iran nuclear talks on hold, USOIL on Bulls.
Investors could consider for Long position after the market price pulls back to near 106.80, Take-Profit at 110.50, Stop-Loss by 105.20.
Affected by the Russia-Ukraine conflict, the EU is trying to wean itself off its dependence on Russian natural gas. This has opened up a historic opportunity for the U.S. liquefied natural gas (LNG) industry and caused U.S. natural gas to rise above $8 yesterday for the first time since $3.8 at the beginning of this year, hitting a more than 13-year high since September 2008. Both will push up the alternative demand for crude oil, and the Iranian nuclear talks are on hold. Among them, Iranian Foreign Ministry spokesman Khatibzad said that the United States has adopted a policy of delaying in the Iranian nuclear negotiations, which will expand the energy gap. Therefore, based on the factor above, USOIL is swaying with Bullish trend.
In 4Hrs range, the candlestick located above the Bollinger Middle Band with a swaying Bullish trend for USOIL; KD downtrend; MACD longing momentum is still exists. Overall looking, confirmed the idea of USOIL on Bullish course.
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Disclaimer: Information above can only be use for references and doesn’t represent our platform’s opinions.