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 - EconoTimes)
Energy pack recovered sharply today. Weekly performance at a glance in chart & table.
Oil (WTI) -
- WTI bounced back as EIA data pointed out further drop in inventory by 4.2 million barrels. Today's range $47.4-49.5
- WTI jump back from $46 area was expected, however is likely to fall towards $42 area. The drop might extend below $40 area. $45 will serve as interim support.
- WTI is currently trading at $49.3/barrel. Immediate support lies at $42 and resistance at $54
Oil (Brent) -
- Brent is much worse performer than WTI.
- Brent-WTI spread dropped by 90 cents since yesterday, currently trading at $4.7/barrel.
- Next target for Brent is around $51/barrel as support around $55/barrel got cleared. Jump back likely to remain curbed below $56/barrel.
- Brent is trading at $54/barrel. Immediate support lies at $50 area and resistance at $57 region.
Natural Gas -
- Natural gas bulls might use FOMC's push and tomorrow's inventory to break $2.95 resistance area. Today's range $2.85-2.77.
- Price might reach as low as $2.35 if it clears $2.7 mark, whereas bulls seem to be in way to test $2.95 area once more.
- Natural Gas is currently trading at $2.85/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.95, $3.04, $3.32.
|
WTI |
+2.54% |
|
Brent |
-1.12% |
|
Natural Gas |
+1.82% |
