Commodities snapshot (energy)

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

Oil (WTI) –

• WTI continuing its consolidation this week as it faces support from OPEC deal and resistance from higher production from United States, higher inventories, and a stronger dollar. Cash market tightening suggests that the OPEC deal might be working. Today’s range $53.7-53.3
• 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 $53.8/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is much worse performer than WTI this week. Today’s range - $55.7-56.2
• Brent is trading at $2.4 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 –   

• Natural gas is close to our target of $2.7. Target extended to $2.5 per MMBtu. Today’s range $2.86-2.74
• Natural Gas is currently trading at $2.77/mmbtu. Immediate support lies at $2.6 area & resistance at  $2.9 and $3.1