Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is up today struggling to gain grounds; testing key support line. We expect the WTI to reach $43 per barrel. Today’s range $47.8-48.3    
• WTI is currently trading at $48.1/barrel. Immediate support lies at $47 area and resistance at $52 area.

Oil (Brent) –

• Brent is a better performer than WTI this week. Today’s range - $51.2-50.6
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas failed once again to break above $3.3 resistance area, the focus is on inventory report. Today’s range $3.21-3.17
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.2/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3