Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is sharply higher as production cut kicks in. Today’s range $55.2-53.8
• With an OPEC and non-OPEC deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $55/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is up in line with the WTI today. Today’s range - $56.8-58.4
• Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further.
• Brent is trading at $58.1/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas suffered heavy selloffs as weather improves. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.51-3.63
• Natural Gas is currently trading at $3.44/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1