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Commodities snapshot (energy)

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

Oil (WTI) –

  • Oil reversed course today as Saudi oil minister suggests export curb and capping Nigerian output at 1.8 million barrels per day. Today’s range $48.5-48.9
  • Active call – Buy targeting $56 per barrel
  • WTI is currently trading at $48.7/barrel. Immediate support lies at $45 area and resistance at $52 area.

Oil (Brent) –

  • Brent is up in line with WTI this week. Today’s range - $50.5-51.3
  • Brent is trading at $2.2 per barrel premium to WTI. Likely to widen further in the medium term.
  • Brent is trading at $50.9/barrel. Immediate support lies at $48 area and resistance at $54 region.

Natural Gas –   

  • Natural gas is the worst performer of the week, trying to form a base around $2.9 area. Today’s range $2.93-2.89
  • 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 $2.92 area & resistance at and $3.1   

WTI

        +6.40%

Brent

        +6.06%

Natural Gas

        -1.15%


           

 

 

 

 

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