Commodities snapshot (energy)

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

Oil (WTI) –

• Despite the sharp decline over the past weeks, the oil price remains upbeat on Middle East tensions and approaching OPEC meeting. Today’s range - $56.3-$56.9
• Active call – Target reached at $56 per barrel
• WTI is currently trading at $56.6/barrel. Immediate support lies at $54 area and resistance at $60 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement but much worse since last week. Today’s range - $62-62.9
• Brent is trading at $5.8 per barrel premium to WTI.
• Brent is trading at $62.4/barrel. Immediate support lies at $59 area and resistance at $65 region.

Natural Gas –   

• Natural gas is continuing range trade despite several breakout attempts. Today’s range $3-3.05    
• Buy Natural gas targeting $3.43 area
• Natural Gas is currently trading at $3.03/MMBtu. Immediate support lies at $2.96 area & resistance at and $3.12

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