Energy pack is down mixed today as oil is down and as is up. Weekly performance at a glance in chart & table.
Oil (WTI) -
- WTI dropped further today as dollar remains relatively stronger. Today's range $59.4-60.5
- Target for the downside is coming around $50-51/barrel if doji high is not taken out at $62.7. A break above could push prices as high as $70/barrel. $75/barrel remains next target.
- This week inventory shrank by 4.9 million barrels but production rose to 9.6 million barrels per day.
- WTI is currently trading at $59.7/barrel. Immediate support lies at $56-54.6, $51.2-50 and resistance at $63-$65.
Oil (Brent) -
- Iranian supply concern is hitting markets. Today's range $64- 62.7.
- Brent-WTI spread gained 10 cents today, currently trading at $3.3/barrel.
- Target is coming around $55/barrel, if doji high is not taken out. A break would push it towards $80/barrel.
- Brent is trading at $63.1/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.
Natural Gas -
- Natural gas bounced back after taking support around $2.7/mmbtu, need to close above $2.85 area to maintain bullish momentum.
- EIA report showed natural gas inventory rose by 75 billion cubic feet, lower than last week's 89 billion cubic feet.
- Natural Gas is currently trading at $2.79/mmbtu. Immediate support lies at $2.45 area & resistance at $2.93, $3.04, $3.32.
WTI |
+0.34% |
Brent |
+0.38% |
Natural Gas |
-0.71% |