Commodities Snapshot (energy)

Energy pack is trading in green today. Weekly performance at a glance in chart & table.

Oil (WTI) –

  • WTI has bounced back from $56.7 as crude stock surprisingly decreased for fourth consecutive week.
  • WTI still remains vulnerable but might challenge the dojis.
  • Target for the downside is coming around $50-51/barrel if doji high is not taken out at $62.7.
  • WTI is currently trading at $59.1/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) –

  • Brent has moved higher similar to WTI, but better performer.
  • Brent-WTI gained 60 cents today, currently trading at $5.3/barrel. Brent is at crucial support.
  • Target is coming around $55/barrel, if the high is not taken out.
  • Brent is trading at $64.4/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas –

  • Natural gas dipped further as inventory rose higher than expected.
  • Price has almost reached initial target of $2.62. Partial booking is suggested before weekend close.
  • Price target for bulls are coming close to $3.5/mmbtu, should support at $2.45 holds. Averaging it as low as possible would diminish risk.
  • Natural Gas is currently trading at $2.65/mmbtu. Immediate support lies at $2.78, $2.68 area & resistance at $3.04, $3.32.

WTI

-1.27%

Brent

-1.72%

Natural Gas

-8.02%

The material has been provided by InstaForex Company – www.instaforex.com

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