Commodities snapshot (energy)

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

Oil (WTI) –

• OPEC deal optimism continues to push WTI higher. Today’s range $51.2-52
• Buy WTI targeting $53.5 area.
• WTI is currently trading at $49.6/barrel. Immediate support lies at $42 area and resistance at $50.2 area.

Oil (Brent) –

• Brent is up in line with WTI today. Today’s range - $49.7-50.9
• Brent is trading at $2.2 per barrel premium to WTI.
• Brent is trading at $51.8/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• Natural gas continues to underperform and struggle below key resistance area. However, we expect natural gas to go to $4.3 area. New targets of $3.7 and $5.5 have been introduced. Today’s range $2.91-2.87          
• Natural Gas is currently trading at $2.93/mmbtu. Immediate support lies at $2.4, $2.6 area & resistance at  $3.1, $3.3 and $3.9