Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is struggling to gain back further grounds after Friday’s major bounce back. We expect the WTI to reach $43 per barrel. Target extended to $38 per barrel. Today’s range $46.8-46.2   
• WTI is currently trading at $46.6/barrel. Immediate support lies at $42 area and resistance at $49 area.

Oil (Brent) –

• Brent is up in line with the WTI this week. Brent is likely to drop below $40 per barrel. Today’s range - $49.2-49.8
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $49.5/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas is struggling to keep its head above $3.2 per MMBtu. Key resistance at $3.3 per MMBtu. Today’s range $3.17-3.21
• 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