Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is grinding higher on geo-political tensions. Today’s range $53.8-53.3
• WTI is currently trading at $53.6/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

• Brent is up in line with the WTI. Brent is testing key resistance area. Today’s range - $56.7-56.2
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $56.5/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas is heading for a deeper correction from the key resistance around $3.3 area. Today’s range $3.15-3.18
• Resuming long-term bull trend would push gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.16/MMBtu. Immediate support lies at $2.8 area & resistance at and $3.2