Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is marginally higher today but remains under selling pressure as geopolitical tensions ease and as production in the US rise for the 9th consecutive week. Today’s range $51.4-50.6
• WTI is currently trading at $51.3/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

• Brent is giving up spread gains against WTI this week. Today’s range - $53-53.6
• Brent is trading at $2.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $53.4/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas is heading for another test of key resistance around $3.3 per MMBtu. Today’s range $3.22-3.17
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.20/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3