Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is up today as Saudi oil minister says production cuts target exceeded and the dollar weakens. Today’s range $52.1-53
• With an OPEC and non-OPEC deal done, the oil price is likely to reach $59 and $68 per barrel. However, WTI might decline to $46 per barrel in the short term.
• WTI is currently trading at $52.9/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 - $55-56
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $55.8/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas’ performance improved but inventory is likely to keep weighing. Sell Natural gas targeting $2.7 per MMBtu. Today’s range $3.28-3.36
• Natural Gas is currently trading at $3.31/mmbtu. Immediate support lies at $2.6, $3.1 area & resistance at  $3.5 and $3.75