Commodities snapshot (energy)

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

Oil (WTI) –

• WTI suffered ‘buy the rumor, sell the news’ trade after OPEC agreement. Today’s range $48.2-49.3
• WTI is currently trading at $48.7/barrel. Immediate support lies at $48 area and resistance at $52 area.

Oil (Brent) –

• Brent is a weaker performer than the WTI this week. Today’s range - $52-50.9
• Brent is trading at $2.6 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51.3/barrel. Immediate support lies at $50 area and resistance at $56 region.

Natural Gas –   

• Natural gas’ performance improved as it is moving in reverse to oil price. Today’s range $3.30-3.19
• 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