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 struggling to ensure broad-based upside momentum. Today’s range $52.2-52.8
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $52.3/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is much worse performer than WTI this week. Today’s range - $54.2-54.9
• Brent is trading at $2.1 per barrel premium to WTI. Likely to widen further.
• Brent is trading at $54.4/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas seems to have found support around $3.3, focus would remain on weather in the weeks ahead. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.53-3.59
• Natural Gas is currently trading at $3.56/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1