Commodities snapshot (energy)

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

Oil (WTI) –

• WTI remains under pressure as market fears non-compliance by some members of the OPEC to the deal. Today’s range $53.9-53
• 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 $53.6/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is down today in contrast to WTI. Today’s range - $57.1-56.1
• Brent is trading at $3.3 per barrel premium to WTI. Likely to widen further.
• Brent is trading at $56.9/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas is up today but faced massive selloffs this week. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.27-3.35
• Natural Gas is currently trading at $3.3/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1