Crude Oil has broken out of a massive wedge pattern, and Natural Gas is slamming into critical support. Are we witnessing the start of the next major commodity super-cycle? In this deep dive, Chief Market Strategist Gareth Soloway analyzes the charts to reveal if energy is about to pull a "Silver" and squeeze significantly higher. Video by Gareth Soloway.
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Gareth dissects the technicals on Crude Oil, explaining why the breakout is real but faces a formidable wall at $68. He also explores the "cataclysmic" scenario—a break above the long-term down-sloping trendline that could trigger a run to $120/barrel, mirroring the 2008 financial crisis oil shock.
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Insights Today
-Geopolitical Risk: Price spikes in early 2026 (reaching near $70) were primarily driven by tensions involving Iran and Venezuela. These risks continue to act as a primary variable, often overriding traditional supply-and-demand fundamentals.
-Inventory Surplus: Offsetting geopolitical fears, recent U.S. inventory data showed a massive build of 8.5 million barrels, the largest since early 2025. This confirms a short-term surplus that is exerting downward pressure on prices.
-Seasonal Accumulation: Despite current volatility, some traders point to a "spring advance" as refiners begin accumulating crude for the 2026 summer driving season.
-Bearish Forecasts: Organizations like the EIA (Energy Information Administration) project Brent crude to average roughly $58 per barrel for the full year of 2026, citing global production outpacing demand.
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