Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is down today as hedgers continue to add pressure in the market amid lack of speculative buying. Today’s range $52.8-51.5
• 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 $51.8/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 - $54.5-55.9
• Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $54.9/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas is facing heavy selling pressure; fundamentals are in for rally but inventories are still too high. Sell Natural gas targeting $2.7 per MMBtu. Today’s range $3.35-3.44
• Natural Gas is currently trading at $3.36/mmbtu. Immediate support lies at $2.6, $3.1 area & resistance at  $3.5 and $3.75