Commodities snapshot (energy)

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

Oil (WTI) –

• WTI rose on Saudi Production cut implementation and big draw on US inventories. Today’s range $53.4-54.3
• 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 $54.2/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 - $57.5-56.5
• Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further.
• Brent is trading at $57.3/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas declined below $3.3 support handle, further short term decline likely. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.21-3.32
• Natural Gas is currently trading at $3.23/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1