Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is gaining sharply as the inventories in the United States dropped sharply. EIA report showed 6.5 million barrels drawdown. Today’s range $45.5-46.5
• WTI is currently trading at $46.2/barrel. Immediate support lies at $42 area and resistance at $50.2 area.

Oil (Brent) –

• Brent is much worse performer than WTI this week. Today’s range - $47-47.8
• Brent is trading at $1.4 per barrel premium to WTI.
• Brent is trading at $47.6/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• Natural gas is struggling to gain further momentum above key $3 area. However, We expect natural gas to go to $4.3 area. New targets $3.7 and $5.5 have been introduced. Today’s range $3.1-3.05        
• Natural Gas is currently trading at $3.07/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at  $3.1, $3.3 and $3.9