Commodities snapshot (energy)

Energy pack is mixed 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. It struggling around $50 area. Today’s range $49.6-48.9
• 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 $49.2/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is slowly slipping back against WTI. Today’s range - $52.7-51.9
• Brent is trading at $3 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $52.2/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. Today’s inventory report to remain in focus. Today’s range $2.89-2.98
• Natural Gas is currently trading at $2.91/mmbtu. Immediate support lies at $2.5, $2.8 area & resistance at and $3.1