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Energy pack continuing consolidation today. Weekly performance at a glance in chart & table.
Oil (WTI) -
- WTI is continuing its testing of key level at $50/barrel. Today's range $50.7-50
- WTI is likely to fall towards $42 area, once $50 support gets broken. The drop might extend below $40 area.
- Sell WTI with stop around $53.5-54/barrel and target of $46 and $41.
- WTI is currently trading at $50.2/barrel. Immediate support lies at $50 and resistance at $54
Oil (Brent) -
- Brent is better performer than WTI, however downside pressure still prevails.
- Brent-WTI spread gained by 30 cents today, currently trading at $6.4/barrel.
- Next target is around $51/barrel if support around $55/barrel gets cleared.
- Brent is trading at $56.6/barrel. Immediate support lies at $55 area and resistance at $59/60 region.
Natural Gas -
- Natural gas bulls are gaining but bears still remains at large around $2.93. Today's range $2.85-2.92.
- A break above $2.95 area would push prices to first target of $3.1/mmbtu. However a failure would push prices lower.
- Natural Gas is currently trading at $2.90/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.95, $3.04, $3.32.
|
WTI |
-1.14% |
|
Brent |
-0.82% |
|
Natural Gas |
+0.83% |
