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 gain considerable grounds facing higher production from United States, higher inventories, and a stronger dollar. Today’s range $52.8-54
• 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 $53.8/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 - $56.8-55.5
• Brent is trading at $2.7 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $56.5/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas is the worst performer of the day but price is likely to decline further as inventory weighs.  Sell Natural gas targeting $2.7 per MMBtu. Today’s range $3.12-3.0
• Natural Gas is currently trading at $3.03/mmbtu. Immediate support lies at $2.6, $3.1 area & resistance at  $3.5 and $3.75