Don’t waste your time – keep track of how NFP affects the US dollar!

Data Collection Notice

We maintain a record of your data to run this website. By clicking the button, you agree to our Privacy Policy.

facebook logo with graphic

Join Us on Facebook

Stay on top of company updates, trading news, and so much more!

Thanks, I already follow your page!
forex book graphic

Beginner Forex Book

Your ultimate guide through the world of trading.

Get Forex Book

Check Your Inbox!

In our email, you will find the Forex 101 book. Just tap the button to get it!

FBS Mobile Personal Area

market's logo FREE - On the App Store

Get

Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage.

77.93% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.

You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.

Gas and Oil Are at Record Highs

Gas and Oil Are at Record Highs

Information is not investment advice

What is happening with gas?

Analysts of HSBC revealed their outlook on energy prices. They expected the gas price to be “exceptionally high” this winter because a global shortage pushed some energy firms to close. Supply is going to be weak, while demand will rise sharply in the winter season, pushing gas prices even higher. According to Bloomberg, ‘European gas prices surged by almost 500% in the past year and are trading near record’. The high energy prices in turn forced producers in Europe to decrease production, which can lead to higher costs for farmers and potentially add to global food inflation.

 1.png

Source: Bloomberg

What is happening with oil?

A combo of strong demand and poor supply has sent oil prices to the high unseen since 2018. This winter is going to be good for oil suppliers but not for its consumers, who are switching from gas to cheaper oil. Vitol Group, the world’s largest oil trader, anticipates oil demand to rise by half a million barrels a day this winter. It will support oil prices.

Why is it important for traders?

There are oil and gas trading instruments that are becoming more popular among traders: XBR/USD (Brent oil), XTI/USD (WTI oil), and XNG/USD (gas).

Tech outlook

Just look at the XBR/USD. It has opened today with a gap up, getting closer to the psychological level of $80.00 a barrel. The jump above this mark will open the doors towards the three-year high of $84.00. Support levels are $75.00 and $70.00.

XBRUSDWeekly.png

XTI/USD tends to move together with XBR/USD, but it has outrun its peer. It has already approached the three-year high, which is at $75.00. WE might expect a short pullback before oil prices will continue rallying up. When oil closes above $75.00, it may surge to $80.00. Support levels are $70.00 and $65.00.

XTIUSDWeekly.png

A cup and handle pattern has almost occurred on the XNG/USD chart. If gas breaks out the mid-September high of $5.50, it may rocket to 5.70! Support levels are at the 50 and 100-period moving averages: $5.15 and $5.00.

XNGUSDH4.png

LOG IN

Similar

Popular

Will the FOMC Surprise the Markets?

The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.

Will USDJPY slide lower in 2023?

Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?

Choose your payment system

Feel the Team Spirit

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later