Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is grinding lower as the production in the United States continues to rise at a faster pace than anticipated. We expect the WTI to reach $43 per barrel. Today’s range $49.5-48.5
• WTI is currently trading at $48.8/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

• Brent is a marginally worse performer than WTI this week. Today’s range - $50.7-51.8
• Brent is trading at $2.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $50.9/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas sharply recovered from the earlier loss and looking to test $3.3 resistance once more. Today’s range $3.05-3.22
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.23/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3