Energy pack is mixed in today’s trading. Weekly performance at a glance in chart & table,
Oil (WTI) –
- WTI has broken below key trend line support. Further selloffs likely. We expect the WTI to reach $43 per barrel. Target extended to $38 per barrel. Today’s range $47.8-46.6
- WTI is currently trading at $45.4/barrel. Immediate support lies at $42 area and resistance at $49 area.
Oil (Brent) –
- Brent is a better performer than WTI this week. Brent is likely to drop below $40 per barrel. Today’s range – $46.6-49
- Brent is trading at $3 per barrel premium to WTI. Likely to widen further in the medium term.
- Brent is trading at $48.4/barrel. Immediate support lies at $52 area and resistance at $59 region.
Natural Gas –
- Natural gas is struggling to keep its head above $3.2 per MMBtu. Key resistance at $3.3 per MMBtu. Today’s range $3.17-3.22
- Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
- Natural Gas is currently trading at $3.21/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3
|
WTI |
-7.97% |
|
Brent |
-6.62% |
|
Natural Gas |
-1.53% |
The material has been provided by InstaForex Company – www.instaforex.com
May 05, 2017 at 05:21PM
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