Commodities snapshot (energy)

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

Oil (WTI) –

• WTI marginally down today as traders adjust positions ahead of tomorrow’s big meeting. Today’s range $46-47
• Without OPEC deal WTI might decline towards $27 per barrel. With a deal the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $46.1/barrel. Immediate support lies at $42 area and resistance at $48 area.

Oil (Brent) –

• Brent is down in line with WTI. Today’s range - $47.1-48.1
• Brent is trading at $1.2 per barrel premium to WTI. Expect it to widen on deal.
• Brent is trading at $47.3/barrel. Immediate support lies at $44 area and resistance at $49 region.

Natural Gas –   

• Natural gas is marginally down today, further upside likely. 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 $3.3-3.37
• Natural Gas is currently trading at $3.31/mmbtu. Immediate support lies at $2.4, $2.5 area & resistance at  $2.95 and $3.1