Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is up today again as the OPEC deal euphoria continues. Today’s range $52.4-51
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $51.9/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is up in line with the WTI. Today’s range - $53.7-55.4
• Brent is trading at $2.9 per barrel premium to WTI. Expect it to widen further.
• Brent is trading at $54.8/barrel. Immediate support lies at $49 area and resistance at $58 region.

Natural Gas –   

• Natural gas is the best performer of the day. 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 $3.44-3.58
• Natural Gas is currently trading at $3.3/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1