First trading day of the week and energy segment is trading green today, however gas prices remain weak. Weekly performance at a glance in chart & table
Oil (WTI) -
- WTI is trying to gain grounds after report showed that oil rigs fell further in US. Number of active rigs has fallen to 760.
- Bulls might once again move to test $54-54.5 area. Breakout of the area would push prices higher towards $60 as initial target area.
- WTI is currently trading at $52.9/barrel, up 2.5% today. Immediate support lies at $49.8-49.5, $47.5-47 and resistance at $54-54.5, and $58.9-59.7.
Oil (Brent) -
- Brent is going up along WTI, however bulls are looking to suffer lesser conviction that WTI.
- Brent-WTI moved marginally lower today, trading at $5.95/barrel. Lacking conviction.
- Brent is trading at $58.7/barrel. Downtrend intact. Immediate support lies at $54.5-53 area and resistance at $ 59.4-60.2 region.
Natural Gas -
- Natural gas is the worst performer once again from start of this week. Intraday price has broken below $2.52. -$2.50/mmbtu zone and traded $2.47.
- Price is now trading very close to mentioned target of $2.44/mmbtu. Partial profit bookings are advised around levels. Traders should exercise caution, however price still remains bearish.
- Natural Gas is currently trading at 2.52/mmbtu, up 0.4% today. Immediate support lies at $2.12 area & resistance at $2.60, 2.71.
|
WTI |
+2.30% |
|
Brent |
+1.47% |
|
Natural Gas |
+0.56% |
