Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is marginally higher, trading at key support. Today’s range $44.2-44.9
• Buy WTI targeting $53.5 area. Target extended to $68
• WTI is currently trading at $44.4/barrel. Immediate support lies at $44 area and resistance at $54.2 area.

Oil (Brent) –

• Brent is up in line with WTI, but down for the week. Today’s range - $45.5-46.6
• Brent is trading at $1.4 per barrel premium to WTI. Expect it to widen.
• Brent is trading at $45.8/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• Natural gas still under heavy selling pressure. From now on, data would be vital. Watch out for today’s EIA inventory data. 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 $2.81-2.72
• Natural Gas is currently trading at $2.78/mmbtu. Immediate support lies at $2.6, $2.8 area & resistance at  $3.3 and $3.9