Market Update: Oil and Gas – February 2017

Blog Post created by jbiringer on Feb 21, 2017

Market Update: Oil and Gas – February 2017

Looking for clarity

Brent prices seem to have reached critical price levels. Latest price action does not show a clear picture about what happens next. Over the last 2 months prices moved more or less sideways, around the $55 USD per barrel price level and lost the upward momentum it had in November 2016. The $55 mark currently acts as a strong resistance. A monthly close above $60 would open the door for further price upside. However, the short-term price action looks more like a triple top which could lead to a price correction back to $46-48, the level where the actual medium-term uptrend comes in to play. A monthly close below $44 would indicate further price pressure back to $30-35.

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