Energy segment is trading in green today. Weekly performance at a glance in chart & table.
Oil (WTI) -
- Weaker dollar and Middle East tensions provided necessary cues to WTI bulls as they have cleared $60 area. Next target is coming around $64-65 area.
- EIA stocks on Wednesday and NFP report on Friday remain the focus. Weaker dollar might even lead crude towards $70 level.
- WTI is currently trading at $60.9/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $58.9-59.7, $64-$65
Oil (Brent) -
- Brent has been rising amid weaker dollar and Middle East tensions.
- Brent-WTI spread down slightly by 20 cents, currently trading at $7.2/barrel. Brent might be targeting $69.6-$70 level as initial target.
- Brent is trading at $68/barrel. Immediate support lies at $63.7-63.2, 61.8-61.4 area and resistance at $ 70 region. Traders should exercise caution as price target comes close and NFP report later in the week.
Natural Gas -
- Bulls have gained further grounds after last week's massive rise of close to 10%. Thursday's inventory report holds key.
- Bulls need to break above $2.85-$2.9 area to diminish downside bias significantly.
- Natural Gas is currently trading at 2.80/mmbtu. Immediate support lies at $2.44 area & resistance at $2.86.
|
WTI |
+2.86% |
|
Brent |
+3.96% |
|
Natural Gas |
+1.37% |


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