Energy segment is totally in green today as dollar in spite of stronger dollar. Weekly performance at a glance in chart & table
Oil (WTI) -
- WTI is up today, gained further on spreads. Speculation increases that US production might finally be slowing down. This week's inventory might provide guidance.
- Price is looking strong and might test the upper bound of the range around $54.
- However increased volatility might pose challenge. Crude looks to be on stronger foot hold this month.
- WTI is currently trading at $52.5/barrel. Immediate support lies at $49.8-49.5, $47.5-47 and resistance at $54-54.5, and $58.7-59.2.
Oil (Brent) -
- Brent is doing worse than WTI losing out on spreads. Demand remains high for lighter grade crude.
- Brent-WTI spread has gained lost grounds today, trading at $ 5.8/barrel. It still remains on weaker side and might shrink further.
- Brent is trading at $58.3/barrel. Bigger trend is still downwards, however bulls might push towards $62, should dollar weaken in coming days.
Natural Gas -
- Natural gas is treading water around $2.65 level, awaiting this week's inventory report. Larger increase in inventory would push prices towards lower support area.
- Price pattern suggests that prices might drop down towards $2.44/mmbtu. Demand is expected to remain higher compared as power generating capacities will be using Natural gas more as a fuel.
- Natural Gas is currently trading at 2.68/mmbtu, up 1% today. Immediate support lies at 2.55 & resistance at 2.74, 2.81
|
WTI |
+6.08% |
|
Brent |
+5.60% |
|
Natural Gas |
-0.48% |
