Commodities snapshot (energy)

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

Oil (WTI) –

• Oil is rising as Saudi Arabia is set to reduce exports to Asia and as inventories decline. In June Saudi exports of oil declined to lowest in three years. However, increased production from OPEC is exerting some downside pressure on oil Today’s range $47.9 -47.5
• Active call – Buy targeting $56 per barrel
• WTI is currently trading at $47.8/barrel. Immediate support lies at $45 area and resistance at $52 area.

Oil (Brent) –

• Brent is a much better performer than WTI since last week. Today’s range - $51.9-51.4
• Brent is trading at $4.1 per barrel premium to WTI.
• Brent is trading at $51.9/barrel. Immediate support lies at $48 area and resistance at $54 region.

Natural Gas –   

• Natural gas failed again to break key resistance around $3 area. Today’s range $2.96-2.89
• Active Call -Bear trend would push it towards $2.52 per MMBtu
• Natural Gas is currently trading at $2.9/MMBtu. Immediate support lies at $2.87 area & resistance at and $3.02   

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