Commodities snapshot (energy)

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

Oil (WTI) –

• WTI gained as news came out that Russia and Saudi Arabia would issue a joined statement, however, pared gains as they just formed a study group to evaluate ways to reduce volatility in the market. Today’s range $46.6-44
   
• WTI is currently trading at $45.2/barrel. Immediate support lies at $42 area and resistance at $50.2 area.

Oil (Brent) –

• Brent is much better performer compared to WTI. Today’s range - $46.4-49.4
   
• Brent is trading at $2.3 per barrel premium to WTI.
   
• Brent is trading at $47.5/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• Natural gas is down and the worst performer of the day. We expect natural gas to go to $4.3 area. Today’s range $2.76-2.82                                                                     
• Natural Gas is currently trading at $2.76/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at 2.95 and $3.1