Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is down today after selloffs last week. We expect the WTI to reach $43 per barrel. Today’s range $49.3-49        
• WTI is currently trading at $49.1/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

• Brent is a marginally better performer than WTI this week. Today’s range - $51.7-52
• Brent is trading at $2.6 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51.7/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas is back testing $3.3 resistance once more. Today’s range $3.30-3.24
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.29/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3