Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is marginally down on profit booking but OPEC euphoria continues. Today’s range $50.3-51.2
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $50.7/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is down in line with the WTI. Today’s range - $53.3-54.3
• Brent is trading at $3 per barrel premium to WTI. Expect it to widen further.
• Brent is trading at $53.7/barrel. Immediate support lies at $49 area and resistance at $58 region.

Natural Gas –   

• Natural reached our next target around $3.7 per MMBtu and likely to extend further decline. 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 $3.62-3.75
• Natural Gas is currently trading at $3.73/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1