13oilM

Energy Technical Update - Oil prices turning bearish. Gasoline gives relief to commuters

Commodities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Brent and WTI Crude oil turning bearish testing rising trend lines. Gasoline sell off will give some relief to car drivers. Henry Hub gas price collapses while Dutch gas is trading higher testing key resistance levels


Brent Crude oil is testing lower rising trend line and 100 SMA. Technically it is in a short term down trend. (Lower highs and lower lows) However, RSI needs to close the day below 40 to confirm that picture.
If Brent closes below the trend line, there is minor support at around $101.30 and strong key support at 96.75. 
To reverse the short-term bear trend and for long term bull trend too resume a close above 121.25 is needed.

Brent D 22 jun
Source: Saxo Group

At the time of writing WTI Crude oil is trading below rising trend line testing the 0.618 retracement and RSI is below 40 ie. Showing negative sentiment.
If that is also the picture at the end of the day down trend is confirmed. Support at around at the 0.764 retracement at $100.2 and at 98.20. Key strong support at 92.90.
To reverse the bearish trend a close above 118.97 is needed.

WTI D 22 jun
Source: Saxo Group

Gasoline has broken bearish out of rising channel establishing a down trend currently testing 0.50 retracement and the 55 SMA. If Gasoline closes below the medium-term rising trend line a minor support at around $350 and 330.

Gasoline d 22 jun
Source: Saxo Group

Several times Dutch TTF Gas has failed its attempt to close above strong key resistance at $127.50. Another attempt is seen this morning. If Dutch Gas closes above, we could see a test of last weeks peak around 149. IF it fails once again to close above resistance at 127.50, we could see a set back to around 111. A close below 111 is likely to set Dutch gas back below 100

Dutch gas d 22 jun
Source: Saxo Group

Henry Hub Gas has led the down trend in Energy markets. Close to test key support at around $6.40. A minor bounce should be expected from here. A close below could lead to continued sell off down to support around 5.52. To neutralise the down trend a close above 8.03 is needed

 

Henry Hub  D 22 jun
Source: Saxo Group

Carbon Emission is trading in a tighter and tighter sideways range forming a Symmetrical like triangle pattern. AS close outside of the trend lines is needed for direction.
Upside breakout we could see Emission at 92.75 possibly 98.50
A bearish breakout there is support at 75.85.

 

 

 

Emmision d 22 jun
Source: Saxo Group

Outrageous Predictions 2026

01 /

  • Executive Summary: Outrageous Predictions 2026

    Outrageous Predictions

    Executive Summary: Outrageous Predictions 2026

    Saxo Group

    Read Saxo's Outrageous Predictions for 2026, our latest batch of low probability, but high impact ev...
  • A Fortune 500 company names an AI model as CEO

    Outrageous Predictions

    A Fortune 500 company names an AI model as CEO

    Charu Chanana

    Chief Investment Strategist

    Can AI be trusted to take over in the boardroom? With the right algorithms and balanced human oversi...
  • Despite concerns, U.S. 2026 mid-term elections proceed smoothly

    Outrageous Predictions

    Despite concerns, U.S. 2026 mid-term elections proceed smoothly

    John J. Hardy

    Global Head of Macro Strategy

    In spite of outstanding threats to the American democratic process, the US midterms come and go cord...
  • Dollar dominance challenged by Beijing’s golden yuan

    Outrageous Predictions

    Dollar dominance challenged by Beijing’s golden yuan

    Charu Chanana

    Chief Investment Strategist

    Beijing does an end-run around the US dollar, setting up a framework for settling trade in a neutral...
  • Obesity drugs for everyone – even for pets

    Outrageous Predictions

    Obesity drugs for everyone – even for pets

    Jacob Falkencrone

    Global Head of Investment Strategy

    The availability of GLP-1 drugs in pill form makes them ubiquitous, shrinking waistlines, even for p...
  • Dumb AI triggers trillion-dollar clean-up

    Outrageous Predictions

    Dumb AI triggers trillion-dollar clean-up

    Jacob Falkencrone

    Global Head of Investment Strategy

    Agentic AI systems are deployed across all sectors, and after a solid start, mistakes trigger a tril...
  • Quantum leap Q-Day arrives early, crashing crypto and destabilizing world finance

    Outrageous Predictions

    Quantum leap Q-Day arrives early, crashing crypto and destabilizing world finance

    Neil Wilson

    Investor Content Strategist

    A quantum computer cracks today’s digital security, bringing enough chaos with it that Bitcoin crash...
  • SpaceX announces an IPO, supercharging extraterrestrial markets

    Outrageous Predictions

    SpaceX announces an IPO, supercharging extraterrestrial markets

    John J. Hardy

    Global Head of Macro Strategy

    Financial markets go into orbit, to the moon and beyond as SpaceX expands rocket launches by orders-...
  • Taylor Swift-Kelce wedding spikes global growth

    Outrageous Predictions

    Taylor Swift-Kelce wedding spikes global growth

    John J. Hardy

    Global Head of Macro Strategy

    Next year’s most anticipated wedding inspires Gen Z to drop the doomscrolling and dial up the real w...
  • China unleashes CNY 50 trillion stimulus to reflate its economy

    Outrageous Predictions

    China unleashes CNY 50 trillion stimulus to reflate its economy

    Charu Chanana

    Chief Investment Strategist

    Having created history’s most epic debt bubble, China boldly bets that fiscal stimulus to the tune o...

Content disclaimer

None of the information provided on this website constitutes an offer, solicitation, or endorsement to buy or sell any financial instrument, nor is it financial, investment, or trading advice. Saxo Bank A/S and its entities within the Saxo Bank Group provide execution-only services, with all trades and investments based on self-directed decisions. Analysis, research, and educational content is for informational purposes only and should not be considered advice nor a recommendation.

Saxo’s content may reflect the personal views of the author, which are subject to change without notice. Mentions of specific financial products are for illustrative purposes only and may serve to clarify financial literacy topics. Content classified as investment research is marketing material and does not meet legal requirements for independent research.

Before making any investment decisions, you should assess your own financial situation, needs, and objectives, and consider seeking independent professional advice. Saxo does not guarantee the accuracy or completeness of any information provided and assumes no liability for any errors, omissions, losses, or damages resulting from the use of this information.

Please refer to our full disclaimer and notification on non-independent investment research for more details.

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900 Hellerup
Denmark

Contact Saxo

International
International

All trading and investing comes with risk, including but not limited to the potential to lose your entire invested amount.

Information on our international website (as selected from the globe drop-down) can be accessed worldwide and relates to Saxo Bank A/S as the parent company of the Saxo Bank Group. Any mention of the Saxo Bank Group refers to the overall organisation, including subsidiaries and branches under Saxo Bank A/S. Client agreements are made with the relevant Saxo entity based on your country of residence and are governed by the applicable laws of that entity's jurisdiction.

Apple and the Apple logo are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.