Commodities snapshot (energy)

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

Oil (WTI) –

• WTI recovered all of its post-inventory losses. Active call – WTI is likely to drop towards $35 area. Today’s range $41-43.1
   
• WTI is currently trading at $43.1/barrel. Immediate support lies at $35.5 area and resistance at  $45, $50.2 area.

Oil (Brent) –

• Brent is up in line with the WTI. Today’s range - $43.4-45.6
   
• Brent is trading at $2.4 per barrel premium to WTI.
   
• Brent is trading at $45.5/barrel. Immediate support lies at $42 area and resistance at $48 region.

Natural Gas –   

• Natural gas is relatively weaker performer compared to the oil benchmarks. We expect natural gas to go down around $2.4 area, before it goes to $4.3 area. Today’s range $2.52-2.6                                               
• Natural Gas is currently trading at $2.58/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at 2.95 and $3.1