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Commodities snapshot (energy)

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

Oil (WTI) –

  • Oil price is up today but remains under selling pressure for a fourth consecutive day, dogged by a supply glut in the market despite supply shrinkage by OPEC. Further declines likely.  Today’s range $43.1-42.7
  • WTI is currently trading at $42.8/barrel. Immediate support lies at $42 area and resistance at $45 area.

Oil (Brent) –

  • Brent is down this week in line with WTI. Today’s range - $46.6-45.1
  • Brent is trading at $2.5 per barrel premium to WTI. Likely to widen further in the medium term.
  • Brent is trading at $45.3/barrel. Immediate support lies at $44 area and resistance at $48 region.

Natural Gas –   

  • Natural gas remains under pressure despite lower gas injection report this week. It is up for the day but down for the week. Today’s range $2.88-2.93
  • Active Call -Bear trend would push it towards $2.69 per MMBtu
  • Natural Gas is currently trading at $2.91/MMBtu. Immediate support lies at $2.84 area & resistance at and $2.96   

WTI

        -4.34%

Brent

        -4.13%

Natural Gas

        -3.73%


           

 

 

 

 

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