Iran Standoff Keeps Gulf Energy Supplies Under Pressure
The ongoing standoff between Iran and other countries is keeping supply risks elevated for natural gas and oil in the Gulf region. Despite this, analysts are cautiously optimistic about the price of natural gas.
The main resistance level for natural gas is at $3.20, with additional resistance levels at $3.27 and $3.36. On the other hand, support levels are located at $3.10, $3.02, and $2.93.
A technical analysis of natural gas suggests that its current trend is neutral, as indicated by the Relative Strength Index (RSI) level of 50. Analysts are biased to the upside as long as natural gas trades above $3.10 and remains above the rising trendline.
Brent crude oil is currently trading at $99.51, having bounced back from $97.24. However, a bearish bias surrounds the moving averages, capping the bullish momentum. A break above $100.23 would open up resistance levels at $103.62 and $106.15.