Commodities snapshot (energy)

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

Oil (WTI) –

• WTI retraced some of the OPEC and non-OPEC gains Today’s range $52.1-52.6
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $52.2/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is down in line with the WTI. Today’s range - $54.8-55.4
• Brent is trading at $2.7 per barrel premium to WTI. A contraction is on the way.
• Brent is trading at $54.9/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas is the worst performer of the week as inventory levels keeping the traders cautious despite harsh weather forecast. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.44-3.49
• Natural Gas is currently trading at $3.46/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1