Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is down today after big rise yesterday. Today’s range $46.2-45
• Buy WTI targeting $53.5 area. Target extended to $68
• WTI is currently trading at $45.3/barrel. Immediate support lies at $42 area and resistance at $48 area.

Oil (Brent) –

• Brent is down in line with WTI. Today’s range - $46.2-47.4
• Brent is trading at $1.3 per barrel premium to WTI. Expect it to widen.
• Brent is trading at $46.6/barrel. Immediate support lies at $44 area and resistance at $49 region.

Natural Gas –   

• Natural gas is again recovering after selloff last night. 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 $2.66-2.76
• Natural Gas is currently trading at $2.74/mmbtu. Immediate support lies at $2.4, $2.5 area & resistance at  $2.9 and $3.1