Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is higher today, continuing its recovery since Friday. We expect the WTI to reach $43 per barrel. Target extended to $38 per barrel. Today’s range $47-46.3       
• WTI is currently trading at $46.8/barrel. Immediate support lies at $42 area and resistance at $49 area.

Oil (Brent) –

• Brent is up in line with the WTI. Brent is likely to drop below $40 per barrel. Today’s range - $49.4-49.9
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $49.7/barrel. Immediate support lies at $49 area and resistance at $53 region.

Natural Gas –   

• Natural gas is struggling around key resistance at $3.3 per MMBtu. Today’s range $3.23-3.28
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.25/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3