Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is challenging sellers above $50 per barrel. Today’s range $50 -50.8
• Active call – Buy targeting $56 per barrel
• WTI is currently trading at $50.1/barrel. Immediate support lies at $45 area and resistance at $52 area.

Oil (Brent) –

• Brent remains elevated over greater demand compared to WTI, however, the spread is slowly narrowing Today’s range - $55.7-56.3
• Brent is trading at $5.7 per barrel premium to WTI.
• Brent is trading at $55.8/barrel. Immediate support lies at $51 area and resistance at $56 region.

Natural Gas –   

• Natural gas is declining sharply after a false breakout. Today’s range $3.09-3
• Short call soured. If resistance cleared, likely to move towards $3.5 area
• Natural Gas is currently trading at $3.03/MMBtu. Immediate support lies at $2.87 area & resistance at and $3.12, $3.22

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