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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 remains under pressure due to fear of rising production in the United States and cheatings within OPEC. Today’s range $51.4-50.7
  • With an OPEC and non-OPEC deal done, the oil price is likely to reach $59 and $68 per barrel. However, WTI might decline to $46 per barrel in the short term.
  • WTI is currently trading at $51.1/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 - $54.3-53.6
  • Brent is trading at $3 per barrel premium to WTI. Likely to widen further.
  • Brent is trading at $53.9/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

  • Change in weather forced us to change the outllok in natural gas mid high levels of inventory. Sell Natural gas targeting $2.7 per MMBtu. Today’s range $3.21-3.28
  • Natural Gas is currently trading at $3.23/mmbtu. Immediate support lies at $2.6, $3.1 area & resistance at  $3.5 and $3.75    

WTI

        -5.35%

Brent

        -5.11%

Natural Gas

        -1.10%


           

 

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