Oil and Natural Gas: Big jump 

• Yesterday, the price of oil fell sharply from $96.59 to $90.40.
• The price of natural gas yesterday made a big jump from $7.65 to $8.60.
• Despite Western sanctions, and many nations avoiding them, Russia seems to have discovered a new gateway for its oil.

Oil chart analysis

Yesterday, the price of oil fell sharply from $96.59 to $90.40. During the Asian session, the price moved in the range of $90.10-$91.50, while in the European session, we see a possible indication of a potential recovery in oil price. The current price is $91.70, representing a price increase of 1.09% since the start of trading last night. For a bullish option, we need a continuation of positive consolidation and a break above $92.00. Then we have to hold above that level if we want to continue on the bullish side. Potential higher targets are $93.00, $94.00 and $95.00 levels. We need a negative consolidation and pullback to support at the $90.00 level for a bearish option. A drop in oil price below this level would increase the bearish pressure, and the price could continue to slide towards lower support levels. Potential lower targets are $89.00 and $88.00 levels.

Natural gas chart analysis

The price of natural gas yesterday made a big jump from $7.65 to $8.60 and managed to maintain that level during the Asian trading session. As the European session began, the price continued its bullish consolidation. We had a short pullback to $8.30 and are now at $8.50. We need positive consolidation and a move above the $8.60 resistance zone for a bullish option. If we succeed in staying above, the potential higher targets are $8.80 and $9.00 levels. We need a negative consolidation and a drop below the $8.40 level for a bearish option. After that, the price could move towards $8.00 and look for new support there if it continues to weaken.

Market overview

Despite Western sanctions, and many nations avoiding them, Russia seems to have discovered a new gateway for its oil. Bloomberg reported that Moscow used Egypt’s El Hamra oil terminal on the Mediterranean coast for the first time ever.

The first delivery was made on July 24, when 700,000 barrels of oil were unloaded. Then another ship picked up the shipment from the port just a few hours later. According to Bloomberg vessel tracking data, there is speculation that the shipments may have included some or all of Russian crude and/or oil products.

Experts say the highly unusual move makes the cargo’s final destination much harder to track, adding to a trend in which Russian oil shipments have become increasingly obscure since European and Western buyers began shunning them after Russia invaded Ukraine.