Commodities snapshot (energy)

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

Oil (WTI) -

• WTI is sharply down as OPEC scrapped its ceiling in Friday's meeting. Moreover Iran is set to increase production. Price has dropped to lowest level since financial crisis. Today's range $38.1-$36.7
  
  
• WTI is currently trading at $36.9/barrel. Immediate support lies at 38 area and resistance at $45, $47.5 area.

Oil (Brent) -

• Brent is relatively better performer today, hovering just above $40/barrel. Today's range - $40.1 -41.5
  
  
• Brent-WTI spread rose by $0.1/barrel to $3.4/barrel, since last night.
  
  
• Brent is trading at $40.3/barrel. Immediate support lies at $42, $38 area and resistance at $48, $50.5, 54 region.

Natural Gas -   

• Natural gas is sharply down today, heading to test the recent low below $2. Today's range $2.01-2.08

• Buy Natural gas @2.4 and @2.2, targeting $3.15/mmbtu and stop loss at $1.9/mmbtu. However the call is on its way to sour
  
• Natural Gas is currently trading at $2.04/mmbtu. Immediate support lies at $2, $1.85 area & resistance at $2.4.