Royal Dutch Shell Share Price Recovers On Positive Gas Price Outlook

Published by
Written By: Eno Ikenna Eteng
Share
    Summary:
  • The Royal Dutch Shell share price recovered on Thursday after positive price outlook for natural gas and electricity products.

Royal Dutch Shell share price has resumed its ascent on Thursday after fuels sales recovered to their highest levels since Q1 2020. The company also says it expects a revenue boost to come from higher gas and electricity prices. These are expected to nullify the $400 million hit the company says it took from Hurricane Ida.

The company is well-positioned to benefit from rising natural gas prices, accounting for 20% of the global sales demand. Demand for crude oil and natural gas has soared as economies recovering from the pandemic start to place more orders for energy assets.

The Royal Dutch Shell share price is up 1.00% as of writing. The company reports its quarterly earnings later in the month.

Technical Outlook for RDS

Wednesday’s decline followed a cooling of oil prices due to a rise in US crude inventories. The price started the day lower, but the bulls are back in action and have ramped prices back up.1713.4 remains the resistance to beat. If the bulls succeed in uncapping this level, 1785.4 and 1833.4 become new targets to the north.

On the flip side, a decline below 1628.2 is needed to put 1594.0 under pressure. A continued decline below this level attracts 1521.6, with 1483.2 (upper border of the resolved triangle) serving as additional support.

Royal Dutch Shell Price Chart (Daily)

Follow Eno on Twitter.

Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.

Published by
Written By: Eno Ikenna Eteng