Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is down today as inventory continues to build up. Active call – WTI is likely to drop towards $35 area. Today’s range $42-43.4
   
• WTI is currently trading at $42.2/barrel. Immediate support lies at $35.5 area and resistance at $42, $45, $50.2 area.

Oil (Brent) –

• Brent is down in line with the WTI. API data showed more than 2 million barrels of gains and EIA data showed gains of a million barrels.  Today’s range - $44.8-45.6
   
• Brent is trading at $2.3 per barrel premium to WTI.
   
• Brent is trading at $44.5/barrel. Immediate support lies at $42 area and resistance at $48 region.

Natural Gas –   

• Natural gas is worst performer of the week. We expect natural gas to go down around $2.4 area, before it goes to $4.3 area. Today’s range $2.65-2.58               

• Natural Gas is currently trading at $2.59/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at 2.95 and $3.1