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2017.04.2109:39:00UTC+00Commodities Snapshot (energy)

Energy pack is up in today’s trading. Weekly performance at a glance in chart & table,

Oil (WTI) –

  • WTI is marginally higher today but remains under selling pressure as geopolitical tensions ease and as production in the US increased for a 9th consecutive week. Today’s range $51-50.3
  • WTI is currently trading at $50.4/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

  • Brent gave up lots of spread gains against WTI this week, however, performace improved since yesterday. Today’s range - $52.7-53.3
  • Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
  • Brent is trading at $52.8/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

  • Natural gas continues to struggle to move higher, consolidation likely to continue a while. Today’s range $3.15-3.19
  • Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
  • Natural Gas is currently trading at $3.16/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3   

WTI

        -5.28%

Brent

        -5.13%

Natural Gas

        -2.17%


           

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