Energy segment continues the sideways trade grossly unmoved by economic dockets.Weekly performance at a glance in chart & table - Oil (WTI) - WTI failed to gain decisively above $50 and return to the level after making a…
Energy segment continues the sideways trade grossly unmoved by economic dockets.Weekly performance at a glance in chart & table -
Oil (WTI) - WTI failed to gain decisively above $50 and return to the level after making a high of $52.5/barrel. Major momentum is not expected until the levels broken. WTI is currently trading at $50.12/ barrel, down 0.80% for the day. Immediate support lies at 48 and resistance at 54.
Oil (Brent) - Brent recovered some of the losses especially against the spreads and continues to trade sideways over the week. Further consolidation could be ahead as traders are searching for further conviction. Brent-WTI spread recovered further and trading just above $10, still down from $13 on Monday. Brent is trading at $60.2/barrel, down 0.50%. Immediate support lies at 58 & resistance at 63.
Natural Gas - Natural gas, the best performer this week failed to maintain yesterday's bullish momentum over the unexpected fall in inventory. Natural gas is currently trading at $ 2.81/mmbtu after failed attempt to decisively break the level. Immediate support lies at 2.65 & resistance at 2.87.
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