Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is higher today as the OPEC meets in Algeria informally. Today’s range $45.2-44.4
• WTI is currently trading at $45.1/barrel. Immediate support lies at $42 area and resistance at $50.2 area.

Oil (Brent) –

• Brent is much better performer than WTI today. Today’s range - $45.7-46.8
• Brent is trading at $1.6 per barrel premium to WTI.
• Brent is trading at $46.7/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• Natural gas is higher today but struggling to gain further momentum above key $3 area. We expect natural gas to go to $4.3 area. New targets $3.7 and $5.5 have been introduced. Today’s range $2.94-3.02       
• Natural Gas is currently trading at $2.98/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at  $3.1, $3.3 and $3.9