Commodities snapshot (energy)

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

Oil (WTI) –

• Oil is up today as Saudi oil minister suggests capping Nigerian output at 1.8 million barrels per day. Today’s range $45.4-46.4
• Active call – add short positions to the existing short call targeting $38 per barrel.
• WTI is currently trading at $46.3/barrel. Immediate support lies at $42 area and resistance at $48 area.

Oil (Brent) –

• Brent is up in line with WTI this week. Today’s range - $48.8-47.6
• Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $48.7/barrel. Immediate support lies at $46 area and resistance at $51 region.

Natural Gas –   

• Natural gas is the worst performer of the day. Today’s range $2.96-2.90
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $2.93/MMBtu. Immediate support lies at $2.92 area & resistance at and $3.1   

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