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 but struggling gain grounds above $50 mark. Today’s range $50.5-49.6
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $50.2/barrel. Immediate support lies at $49 area and resistance at $52, $57 area.

Oil (Brent) –

• Brent is down in line with the WTI. Today’s range - $52.8.5-53.8
• Brent is trading at $3.2 per barrel premium to WTI. Expect it to widen further.
• Brent is trading at $53.4/barrel. Immediate support lies at $49 area and resistance at $58 region.

Natural Gas –   

• Natural gas corrected sharply after reacing target around $3.7 per MMBtu. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.5-3.65
• Natural Gas is currently trading at $3.59/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1