Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is continuing higher on the OPEC deal optimism. Today’s range $48.2-49
• Buy WTI targeting $53.5 area.
• WTI is currently trading at $48.8/barrel. Immediate support lies at $42 area and resistance at $50.2 area.

Oil (Brent) –

• Brent is up in line with WTI today. Today’s range - $49.7-50.9
• Brent is trading at $2.2 per barrel premium to WTI.
• Brent is trading at $51/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• Natural gas has been the worst performer since last week and today. We expect natural gas to go to $4.3 area. New targets of $3.7 and $5.5 have been introduced. Today’s range $2.91-2.87       
• Natural Gas is currently trading at $2.89/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at  $3.1, $3.3 and $3.9