Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is up today after finding support around $50 area. Today’s range $50.2-51
• Buy WTI targeting $53.5 area. Target extended to $68
• WTI is currently trading at $50.8/barrel. Immediate support lies at $44 area and resistance at $54.2 area.

Oil (Brent) –

• Brent is much worse performer than WTI this week but that marginally reversed since last week. Today’s range - $51.9-51.1
• Brent is trading at $1 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 –   

• Natural gas is down further today, heading towards $3 support. However, we expect natural gas to go to $4.3 area. New targets of $3.7 and $5.5 have been introduced. Today’s range $3.01-3.13
• Natural Gas is currently trading at $3.02/mmbtu. Immediate support lies at $3, $2.8 area & resistance at  $3.3 and $3.9