Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is higher this week but remains under selling pressure for a sixth consecutive week dogged by a supply glut in the market despite supply shrinkage by OPEC. Further decline likely.  Today’s range $43.6-44.3
• WTI is currently trading at $44.1/barrel. Immediate support lies at $42 area and resistance at $45 area.

Oil (Brent) –

• Brent is up in line with WTI this week. Today’s range - $46.1-46.8
• Brent is trading at $2.5 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $46.6/barrel. Immediate support lies at $44 area and resistance at $48 region.

Natural Gas –   

• Natural gas is the best performer of the week. Today’s range $3.02-3.12
• 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 $2.92 area & resistance at and $3.10   

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