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Energy pack is down sharply today. Weekly performance at a glance in chart & table.
Oil (WTI) -
- WTI further dropped as 8 week range got broken to downside last week. Today's range $53.4-50.5
- Target for the downside is reached around $50-51/barrel, a fall towards $42 seems likely
- WTI is currently trading at $50.9/barrel. Immediate support lies at $51.2-50 and resistance at $54
Oil (Brent) -
- Brent dropped further as support around $61 got cleared last week. Approaching Iran deal is weighing on price.
- Brent-WTI spread gained 60 cents today, currently trading at $4.7/barrel. Spread might rise faster if Iran deal remains eluded beyond 9th July, whereas a deal might contract the spread further.
- Today negotiators missed another deadline, but a deal seems likely n coming days.
- Target is reached around $55/barrel, and next target is around $51/barrel. Small booking can be done.
- Brent is trading at $55.3/barrel. Immediate support lies at $55 area and resistance at $59 region.
Natural Gas -
- Natural gas is down as advance was against halted around $2.8 area. Bears are testing support area at $2.7
- Natural Gas is currently trading at $2.7/mmbtu. Immediate support lies at $2.7, $2.45 area & resistance at $2.85, $2.93, $3.04, $3.32.
|
WTI |
-8.63% |
|
Brent |
-8.50% |
|
Natural Gas |
-2.49% |
