Energy pack is in red today. Weekly performance at a glance in chart & table. Oil (WTI) - WTI is sharply down as OPEC scrapped its ceiling in Friday's meeting. Moreover Iran is set to increase production. Price has dropp…
Energy pack is in red today. Weekly performance at a glance in chart & table.
Oil (WTI) -
WTI is sharply down as OPEC scrapped its ceiling in Friday's meeting. Moreover Iran is set to increase production. Price has dropped to lowest level since financial crisis. Today's range $38.1-$36.7
WTI is currently trading at $36.9/barrel. Immediate support lies at 38 area and resistance at $45, $47.5 area.
Oil (Brent) -
Brent is relatively better performer today, hovering just above $40/barrel. Today's range - $40.1 -41.5
Brent-WTI spread rose by $0.1/barrel to $3.4/barrel, since last night.
Brent is trading at $40.3/barrel. Immediate support lies at $42, $38 area and resistance at $48, $50.5, 54 region.
Natural Gas -
Natural gas is sharply down today, heading to test the recent low below $2. Today's range $2.01-2.08
Buy Natural gas @2.4 and @2.2, targeting $3.15/mmbtu and stop loss at $1.9/mmbtu. However the call is on its way to sour
Natural Gas is currently trading at $2.04/mmbtu. Immediate support lies at $2, $1.85 area & resistance at $2.4.
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