Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is heading for a test of $50 resistance. Likely to find support around $46 area. Today’s range $49.2-50
• WTI is currently trading at $49.9/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is marginally worse performer than the WTI this week. Today’s range - $52-52.8
• Brent is trading at $2.8 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $52.7/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Natural gas continues to race higher on greater than expected decline in inventories and expected weaker production. Today’s range $3.16-3.23
• Natural Gas is currently trading at $3.18/mmbtu. Immediate support lies at $2.8 area & resistance at and $3.2