Commodities snapshot (energy)

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

Oil (WTI) –

• WTI continues to slide down despite initial jump on diplomatic tensions in the Middle East. Saudi Arabia, UAE, Bahrain, and Egypt have severed ties with Qatar citing the latter’s support for Extremist ideas, terrorist groups and meddling in other countries’ affairs. Today’s range $47.7-48.3
• WTI is currently trading at $47.8/barrel. Immediate support lies at $48 area and resistance at $52 area.

Oil (Brent) –

• Brent is a worse performer than the WTI this week. Today’s range - $50.2-49.6
• Brent is trading at $1.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $49.7/barrel. Immediate support lies at $50 area and resistance at $56 region.

Natural Gas –   

• Natural gas is up for the day and the week but further downside likely. Today’s range $3.096-3.05
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $3.09/MMBtu. Immediate support lies at $3.15 area & resistance at and $3.5