Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is up today as the positive comments on the OPEC deal from Russian energy minister continued to provide hope of a deal. Today’s range $46.2-45
• Without OPEC deal WTI might decline towards $27 per barrel.
• WTI is currently trading at $46.2/barrel. Immediate support lies at $42 area and resistance at $48 area.

Oil (Brent) –

• Brent is up in line with WTI. Today’s range - $46.3-47.5
• Brent is trading at $1.1 per barrel premium to WTI. Expect it to widen.
• Brent is trading at $47.4/barrel. Immediate support lies at $44 area and resistance at $49 region.

Natural Gas –   

• Natural gas is trying to form an important base ahead of winter. 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