Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is higher today but struggling to gain considerable grounds facing higher production from United States, higher inventories, and a stronger dollar. Today’s range $53.5-52.8
• 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 $53.4/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is up in line with the WTI today. Today’s range - $56.3-55.5
• Brent is trading at $2.8 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $56.2/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• As expected Natural gas is in decline and consolidating below $3 per MMBtu and price is likely to decline further as inventory weighs.  Sell Natural gas targeting $2.7 per MMBtu. Today’s range $3.05-2.95
• Natural Gas is currently trading at $2.91/mmbtu. Immediate support lies at $2.6, $2.8 area & resistance at  $3.1 and $3.3