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 risk affinity improves. Today’s range $44.1-45
• Buy WTI targeting $53.5 area. Target extended to $68
• WTI is currently trading at $44.8/barrel. Immediate support lies at $44 area and resistance at $54.2 area.

Oil (Brent) –

• Brent is up in line with WTI. Today’s range - $45.5-46.4
• Brent is trading at $1.4 per barrel premium to WTI. Expect it to widen.
• Brent is trading at $46.2/barrel. Immediate support lies at $45 area and resistance at $54 region.

Natural Gas –   

• Natural gas reverses last week’s gains. We continue to expect natural gas to go to $4.3 area. New targets of $3.7 and $5.5 have been introduced. Today’s range $2.88-2.76
• Natural Gas is currently trading at $2.85/mmbtu. Immediate support lies at $2.6, $2.8 area & resistance at  $3.3 and $3.9