Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is down marginally today as skepticism on OPEC deal continues. Today’s range $48.2-48.8
• Buy WTI targeting $53.5 area. Target extended to $68
• WTI is currently trading at $48.4/barrel. Immediate support lies at $44 area and resistance at $54.2 area.

Oil (Brent) –

• Brent is down in line with WTI. Today’s range - $49.6-50.8
• Brent is trading at $2 per barrel premium to WTI.
• Brent is trading at $50.4/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• Natural gas is the best performer today as buying continues from last week. We continue to expect natural gas to go to $4.3 area. New targets of $3.7 and $5.5 have been introduced. Today’s range $3.16-3.1
• Natural Gas is currently trading at $3.135/mmbtu. Immediate support lies at $2.6, $2.8 area & resistance at  $3.3 and $3.9