Once a 7-Year High, Then a 30-Day Drop. How Is Oil Doing?

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Trading positions

Natural Gas [NGH22]
Long around the $4.250-4.300 support area (yellow band) with a stop at $3.930 and targets at $4.820 & $5.290 – See trade projections.
RBOB Gasoline [RBH22]
No new position justified on a risk/reward point of view.
WTI Crude Oil [CLH22]
No new position justified on a risk/reward point of view.
Brent Crude Oil [BRNJ22]
No new position justified on a risk/reward point of view.
Henry Hub Natural Gas (NGH22) Futures (March contract, daily chart)

Regarding risk management, it is always best to define your strategy according to your own risk profile. For some guidance on trade management, read one of my articles on that topic.

Did you miss my last article about biofuels to diversify your portfolio? No problem, you can have a look at my selection through the dynamic stock watchlist.

Are you interested in geopolitics? I published an alternative reading of the Ukrainian crisis.

Today, the US Energy Information Agency (EIA) data could boost the crude market, providing insight into demand from the top producer and consumer of oil. Crude reserves may have increased by 1.5 million barrels over the past week, according to a study compiled by Bloomberg.

The professional federation of the American Petroleum Institute (API), whose figures published on Tuesday are considered less reliable than those of the EIA, reported a drop of 2 million barrels in crude stocks. The lack of supply in the market seems undeniable, and the EIA data could confirm the API data.