Commodities snapshot (energy)

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

Oil (WTI) –

• With OPEC optimism still running high, WTI continues to hover above the $50 mark. Today’s range $50.6-49.9
• Buy WTI targeting $53.5 area. Target extended to 68
• WTI is currently trading at $50.2/barrel. Immediate support lies at $44 area and resistance at $54.2 area.

Oil (Brent) –

• Brent is up in line with WTI today. Today’s range - $51.5-52.3
• Brent is trading at $1.7 per barrel premium to WTI.
• Brent is trading at $51.8/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• As expected the natural gas has broken above key resistance last week. 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 $3.25/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at  $3.1, $3.3 and $3.9