The downward pressure in crude oil and natural gas has abated somewhat recently, but both need to clear important resistance levels for the outlook to turn constructive.
Crude Oil: Bullish gap is still in place
Crude oil has retreated from stiff resistance at the 82.50-84.00 area, including the 200-day moving average and the January high. See the previous updates highlighting that the OPEC+ output cut announcement did not imply a start of a new uptrend for oil. See “Crude Oil is Still Not Out of the Woods Despite OPEC+ Output Cut”, published April 10.
