Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is grinding higher as Saudi Arabia signals the greater likelihood of a deal on Thursday. Today’s range $50.4-51.3
• WTI is currently trading at $51.1/barrel. Immediate support lies at $44 area and resistance at $52 area.

Oil (Brent) –

• Brent is a marginally weaker performer than the WTI today. Today’s range - $53.7-54.2
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $54/barrel. Immediate support lies at $50 area and resistance at $56 region.

Natural Gas –   

• Natural gas is up today after last week’s big selloffs. Today’s range $3.33-3.25
• 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 $3.15 area & resistance at and $3.5