Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Brent Crude Oil Soars to a Three Year High on Supply-Demand Mis-Match

Brent Crude Oil Soars to a Three Year High on Supply-Demand Mis-Match

Nick Cawley, Strategist

Brent Crude Oil Price, Chart, and Analysis

  • Brent crude rallies on increased global demand.
  • Natural gas prices hits a multi-year record high.

Trade Smarter - Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX team

Subscribe to Newsletter

Keep up to date with all market-moving data releases and events by using the DailyFX Calendar

The price of Brent crude oil continues to soar, touching highs last seen three years ago as demand outstrips supply. The continued rollback of covid-19 restrictions in economies around the globe is driving demand ever higher with supply struggling to keep up. OPEC+ will meet next – October 4 – and they may need to increase production further to help alleviate the market shortage. Brent crude touched $80/bbl. earlier and may now set its sights on the October 2018 high at $86.65/bbl. if the OPEC+ leaves production at its levels. The Organization of the Petroleum Exporting Countries will also release its World Oil Outlook next week and this now takes on increased significance as prices rally hard.

Brent Crude Oil Weekly Price Chart September 28, 2021

Natural gas prices are also heading ever higher as supply remains unable to meet demand in Europe as inventory levels crumble. The severe shortage of natural gas in Europe is in part due to heavy demand from Asia and a cut back in supply from Russia and markets are now anticipating further demand as the winter months near. The monthly natural gas chart shows the recent sharp rally with the February 2014 high at $64.93 the next level of resistance. The move higher is given further credibility by the confirmed break above the long-term simple moving average.

Natural Gas Monthly Price Chart September 28, 2021

What is your view on Oil and Gas – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES