Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is higher today. However, struggling due to anxiety over rising production in the US Today’s range $52.8-53.9
• 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 $53.7/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is up today; relatively better performer than the WTI. Today’s range - $55.2-56.4
• Brent is trading at $2.6 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $56.3/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• High inventory is likely to push the natural gas price down in the near term. Focus on the EIA data, to be released at 15:30 GMT.. Sell Natural gas targeting $2.7 per MMBtu. Today’s range $3.34-3.48
• Natural Gas is currently trading at $3.45/mmbtu. Immediate support lies at $2.6, $3.1 area & resistance at  $3.5 and $3.75