Energy segment continues to move sideways as further queues over supply and demands yet to arrive. Weekly performance at a glance in chart & table - Oil (WTI) - WTI gaining ground in today's trading however experiencing …
Energy segment continues to move sideways as further queues over supply and demands yet to arrive.
Weekly performance at a glance in chart & table -
Oil (WTI) - WTI gaining ground in today's trading however experiencing downside pressure over $ 50 /barrel. Recent information suggests that rig count is further down and fallen below 1000, near 40% drop from its recent peak. WTI is currently trading at $50.5/ barrel. Immediate support lies at 48 and resistance at 54.
Oil (Brent) - Brent lost ground over the supply concern. Recent information suggests that resolution might come over Iran over the nuclear talk which would further increase the supply in the market. Brent-WTI spread narrowed further and trading just above $9, down from $13 last week. Brent is trading at $59.2/barrel. Immediate support lies at 58 & resistance at 63.
Natural Gas - Natural gas, lost volatility which might be comeback once again over the inventory report. Natural gas is currently trading at 2.72/mmbtu. Immediate support lies at 2.65 & resistance at 2.87.
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