Commodities snapshot (energy)

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

Oil (WTI) –

• WTI raced higher as non-OPE countries conclude oil production cut agreement over the weekend. Today’s range $51.4-54.5
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $53.8/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is up in line with the WTI. Today’s range - $54.2-57.3
• Brent is trading at $2.8 per barrel premium to WTI. A contraction is on the way.
• Brent is trading at $56.6/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas is down today, for future price actions the focus remains on weather. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.53-3.73
• Natural Gas is currently trading at $3.57/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1