Commodities snapshot (energy)

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

Oil (WTI) –

• Despite the sharp decline over the past few days, the oil price remains upbeat on Middle East tensions and approaching OPEC meeting. Today’s range - $56.5-$55.2
• Active call – Target reached at $56 per barrel
• WTI is currently trading at $56.4/barrel. Immediate support lies at $54 area and resistance at $60 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geo-political tension and OPEC agreement but much worse performer this week. Today’s range - $61-62.7
• Brent is trading at $6 per barrel premium to WTI.
• Brent is trading at $62.5/barrel. Immediate support lies at $59 area and resistance at $65 region.

Natural Gas –   

• Natural gas is heading higher as drawdown began. Today’s range $3.11-3.05        
• Buy Natural gas targeting $3.43 area
• Natural Gas is currently trading at $3.09/MMBtu. Immediate support lies at $3.15 area & resistance at and $3.32

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