Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is up today but retraced lot of the gains from the OPEC deal. Today’s range $50.5-51.4
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $51.3/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 - $53.7-54.7
• Brent is trading at $3.3 per barrel premium to WTI. Likely to widen further.
• Brent is trading at $54.6/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas is the worst performer of the week and today as the high inventory levels and lower drawdowns keeping the traders cautious despite harsh weather forecast. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.44-3.35
• Natural Gas is currently trading at $3.37/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1