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 to ensure broadbased upside momentum.. Today’s range $52.1-52.9
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $52.8/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is much worse performer than WTI today. Today’s range - $54-54.9
• Brent is trading at $2 per barrel premium to WTI. Likely to widen further.
• Brent is trading at $54.8/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas seems to have found support around $3.3, another test is possible. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.51-3.63
• Natural Gas is currently trading at $3./mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1