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.