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2016.12.2209:32:00UTC+00Commodities Snapshot (energy)

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

Oil (WTI) –

  • WTI is up today but struggling to ensure broadbased upside momentum.. Today’s range $52.1-52.9
  • With a deal done, the oil price is likely to reach $59 and $68 per barrel.
  • WTI is currently trading at $52.8/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

  • Brent is much worse performer than WTI today. Today’s range - $54-54.9
  • Brent is trading at $2 per barrel premium to WTI. Likely to widen further.
  • Brent is trading at $54.8/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

  • Natural gas seems to have found support around $3.3, another test is possible. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.51-3.63
  • Natural Gas is currently trading at $3./mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1    

WTI

        +1.73%

Brent

        -0.87%

Natural Gas

        +5.18%


           

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