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Energy pack is having another positive day. Weekly performance at a glance in chart & table.
Oil (WTI) -
- WTI seems ready to challenge doji high around $63 and move higher. Today's range $61.8 -60.4.
- 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.
- WTI is currently trading at $61.5/barrel. Immediate support lies at $56-54.6, $51.2-50 and resistance at $63-$65.
Oil (Brent) -
- Brent is up amid weaker dollar today.
- Brent-WTI spread lost 30 cents, currently trading at $4.5/barrel.
- Target is coming around $55/barrel, is doji high is not taken out. A break would push it towards $80/barrel.
- Brent is trading at $65/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.
Natural Gas -
- Natural gas gained further sharply, however rally was halted around $2.93/mmbtu. Price might await tomorrow's inventory report before moving higher. We have long been calling for $3.5/mmbtu.
- Price target for bulls are coming close to $3.5/mmbtu, should support at $2.45 holds.
- Natural Gas is currently trading at $2.84/mmbtu. Immediate support lies at $2.45 area & resistance at $2.93, $3.04, $3.32.
|
WTI |
+4.40% |
|
Brent |
+2.91% |
|
Natural Gas |
+9.69% |
