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Look at $82.75 on NYMEX crude oil

Oct 26, 2021 11:02

On Tuesday (October 12), international oil prices continued their upward momentum in the previous three trading days. Analysts said that the rebound in global demand and energy shortages in economies from Europe to Asia have driven oil prices to strengthen rapidly. NYMEX crude oil looks at US$82.75.

GMT+8 13:57, NYMEX crude oil futures rose 0.43% to 80.87 US dollars per barrel; ICE Brent crude oil futures rose 0.50% to 84.07 US dollars per barrel.


Overnight, the two cities respectively set a new high of US$82.18/barrel since October 29, 2014 and a new high of US$84.60/barrel since October 10, 2018.

Craig Erlam, senior market analyst at OANDA, said: "There is still a lot of momentum behind the oil rally, and the fundamentals are still extremely favorable. Even if we see oil prices return to triple digits later this year, it will not surprise us."

Driven by energy shortages in Asia, Europe and the United States, electricity prices have risen to record highs in recent weeks. The surge in natural gas prices has also prompted power plants to switch fuels from cleaner natural gas to oil.

Qatar, the world's largest producer of liquefied natural gas (LNG), told customers on Monday that it cannot help lower energy prices and supply more fuel to the market. Analysts estimate that the shift from natural gas to oil-based power generation may increase crude oil demand by 250,000 to 750,000 barrels per day.

On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74, breaking through the 23.6% target of $78.37. The upper resistance looks at the $80 mark and ((3)) the 38.2% target of 88.66. Dollar.

On the hourly chart, oil prices are in five upward waves starting from $74.97, and the upper resistance looks at the 161.8% target of $82.75. Wave 5 is a sub-wave of the up (1) wave that started at $61.74. (1) Waves are the sub-waves of ((3)) waves.

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