Ithaca Energy

The shares of the UK-listed energy company, Ithaca Energy (LON: ITH), have been on a tear since the start of September 2023. The ongoing surge in oil prices has sent the Ithaca Energy share price to its highest level since February 2023. The stock of the British North Sea Oil and Gas explorer is up 35% from its August lows. Technical analysis is also signaling a strong uptrend supported by the tightening of oil supplies across the globe. On Thursday, Ithaca Energy shares were up 4.55% and changed hands at 186.8p. Oil prices are facing strong headwinds due to the supply tightening. Consequently, oil prices have been up 14.5% from their August lows. This has caused a surge in the energy stocks of the UK and the US. Shares of Ithaca have also benefitted from the positive sentiment around the energy companies. According to the latest news, Equinor and Ithaca Energy have received approval from the North Sea Transition Authority of the UK to develop the Rosebank oil and gas field. As per the details, Equinor will hold the 80% share in the project, with the remaining 20% controlled by Ithaca Energy. The development of the oil field on the UK continental shelf will cost around $3.8 billion to both oil & gas explorers. This is the biggest approval for developing an oil and gas field in the North Sea in years. Ithaca Energy Share Price Forecast Ithaca Energy shares have traded in a narrow range this year without any significant breakout. The following chart shows the stock has broken above the key level of 167p. If bulls hold 182p in the coming days, I expect the stock to surge towards the 197p level. LON: ITH Chart This bullish Ithaca Energy share price forecast will be invalidated in case of a breakdown below the 167p level, which is the bottom of the previous accumulation range.

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Ithaca Energy Share Price Soars To Fresh 7-month Highs