Commodities snapshot (energy)

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

Oil (WTI) –

• WTI remains upbeat this week on geopolitical tensions. Today’s range $52.7-53.4
• WTI is currently trading at $53.3/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

• Brent is struggling to break the key resistance around $56 area. Today’s range - $56.1-55.5
• Brent is trading at $2.7 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $56/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• The focus for natural gas is on weekly inventory report. Today’s range $3.14-3.24
• Resuming long-term bull trend would push gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.21/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3