Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is down further below the key trend line support. We expect the WTI to reach $43 per barrel. Today’s range $47.8-46.6     
• WTI is currently trading at $46.7/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 - $49.6-50.8
• Brent is trading at $3 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $49.7/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas is flat for the day; the focus is on inventory report to be released at 14:30 GMT. Today’s range $3.20-3.26
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.22/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3