Technical Update - WTI and Brent Crude oil building uptrend? Henry Hub and Dutch gas testing support, looking lower. Carbon Emission extending decline Technical Update - WTI and Brent Crude oil building uptrend? Henry Hub and Dutch gas testing support, looking lower. Carbon Emission extending decline Technical Update - WTI and Brent Crude oil building uptrend? Henry Hub and Dutch gas testing support, looking lower. Carbon Emission extending decline

Technical Update - WTI and Brent Crude oil building uptrend? Henry Hub and Dutch gas testing support, looking lower. Carbon Emission extending decline

Commodities 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Natural gas continuing its sell-off. Henry Hub has potential to lower levels. Dutch Gas finding support
WTI and Brent Crude oil bouncing, could build uptrend but strong overhead resistance
Carbon Emission continuing its collapse and could drop further

WTI Crude oil has bounced from its lower rising trendline.
RSI is showing positive sentiment indicating WTI could move higher. However, there is strong overhead resistance around 79.29-79.77 combined with the 200 DMA and the declining 100 DMA, and the upper part of the Cloud.

A close above 79.29 will confirm uptrend. Resistance at around 82.56

A close below 71.40 will demolish the bullish scenario and establish a downtrend with potential to around 68

Source all charts and data: Saxo Group

Brent Crude oil has bounced from 77.50 level to be trading around the 200 DMA. Daily RSI is in positive sentiment indicating higher oil prices.
However, there is strong overhead resistance; the 100 DMA is declining and there is strong resistance at around 84.75. A close above 84.75 will confirm bullish trend.
Resistance at around 87.35

A break below 76.60 will demolish the potential bullish scenario and likely sending Brent oil down to around 72 area

Henry Hub Natural Gas has experienced a total collapse past four weeks and is now trading at levels not seen since 2020.
The Natural Gas contract can drop further before finding support at around 1.69 and 1.54

To reverse the bearish trend a close above 2.17 is needed

Dutch TTF Gas is trading in a range between 31 and the strong support going back to July 2023 at 26.50
If breaking bearish out there is downside risk to around 24.
A bullish break out could see Dutch gas rebounding to 35.80-37.50

RSI being in negative sentiment is indicating a break out is likely to be to do the downside
Emission has collapsed almost 50% since Q2 2023 peak now testing the upper part of the Consolidation area 58-5. RSI is in negative sentiment indicating likely lower Emission prices. A bearish move down to 54-50 i.e. the middle and lower part of the Consolidation area could be seen.
To demolish and pause this bearish scenario a close above 66 is needed

Saxo Capital Markets (Australia) Limited prepares and distributes information/research produced within the Saxo Bank Group for informational purposes only. In addition to the disclaimer below, if any general advice is provided, such advice does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of trading any financial instrument as trading can result in losses that exceed your initial investment. Please refer to our Analysis Disclaimer, and our Financial Services Guide and Product Disclosure Statement. All legal documentation and disclaimers can be found at

The Saxo Bank Group entities each provide execution-only service. Access and use of Saxo News & Research and any Saxo Bank Group website are subject to (i) the Terms of Use; (ii) the full Disclaimer; and (iii) the Risk Warning in addition (where relevant) to the terms governing the use of the website of a member of the Saxo Bank Group.

Saxo News & Research is provided for informational purposes, does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. No Saxo Bank Group entity shall be liable for any losses that you may sustain as a result of any investment decision made in reliance on information on Saxo News & Research.

To the extent that any content is construed as investment research, such content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments.Saxo Capital Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Please read our disclaimers:
- Full Disclaimer (
- Analysis Disclaimer (
- Notification on Non-Independent Investment Research (

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000

Contact Saxo

Select region


The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.