Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is only marginally higher today. Today’s range $52.5-51.9
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $52/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is marginally down today. Today’s range - $55.2-55.8
• Brent is trading at $3.2 per barrel premium to WTI. Likely to widen further.
• Brent is trading at $55.2/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas started the week in back foot, trying to form a base around 3.3 area. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.45-3.32
• Natural Gas is currently trading at $3.35/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1