Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is trying to recover grounds after more than 9 percent loss last week. WTI is down today to start off the week. Today’s range $48.3-48.9
• 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 $48.7/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is better performer than WTI this week. Today’s range - $51.4-51.9
• Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51.8/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Late freezing temperatures in the East Coast proving support to natural gas but we still remain committed to the downside. This week’s inventory report to remain in focus. Today’s range $2.92-2.97
• Natural Gas is currently trading at $2.94/mmbtu. Immediate support lies at $2.5, $2.8 area & resistance at and $3.1