The price of natural gas took a bearish turn, opening the week with a significant gap down and breaking through support levels, signaling downside pressure with a series of lower swing highs. The breakdown of a falling parallel channel and a bearish monthly breakdown further support the bearish view, as today's decline surpassed last month's low, indicating a potential shift in the market.
Despite OPEC+ announcing an extension to their production cuts, crude oil prices fell instead of rising. The counterintuitive move has left many wondering why. The group, which includes OPEC and other producers like Russia, formalized the voluntary cuts by Saudi Arabia and implemented additional output reductions. However, around three hours after the announcement, oil prices dropped. The reasons behind this unexpected decline remain unclear, and it is uncertain whether the bearish move will continue.
