Commodities snapshot (energy)

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

Oil (WTI) –

• WTI continues to struggle amid supply glut worries. Likely to find support around $46 area. Today’s range $48.1-47.6
• 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 $47.9/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is a marginally worse performer than WTI this week. Today’s range - $51-50.5
• Brent is trading at $2.8 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $50.7/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Natural gas remains the best performer of the week on prolonged winter. Today’s range $3.06-3.01
• Natural Gas is currently trading at $3.04/mmbtu. Immediate support lies at $2.5, $2.8 area & resistance at and $3.1