Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is upbeat on optimism over OPEC deal. Today’s range $53.9-54.6
• 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 $54.3/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is marginally better performer than WTI this week. Today’s range - $55.9-56.8
• Brent is trading at $2.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $56.4/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas has reached our target of $2.7 and moving towards next target. Target extended to $2.5 per MMBtu. Today’s range $2.66-2.8
• Natural Gas is currently trading at $2.67/mmbtu. Immediate support lies at $2.6 area & resistance at  $2.9 and $3.1