Commodities snapshot (energy)

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

Oil (WTI) –

• WTI gained sharply on the news that the OPEC members will be holding an informal meeting next month. Active call – WTI is likely to drop towards $35 area. Today’s range $41.8-42.7
   
• WTI is currently trading at $42.6/barrel. Immediate support lies at $35.5 area and resistance at $42, $45, $50.2 area.

Oil (Brent) –

• Brent is up in line with the WTI. Today’s range - $44.2-45.2
   
• Brent is trading at $2.4 per barrel premium to WTI.
   
• Brent is trading at $44.1/barrel. Immediate support lies at $42 area and resistance at $48 region.

Natural Gas –   

• Natural gas is down today, contrasting with oil. We expect natural gas to go down around $2.2 area, before it goes to $4.3 area. Today’s range $2.7-2.76                 

• Natural Gas is currently trading at $2.72/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at 2.95 and $3.1