Commodities snapshot (energy)

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

Oil (WTI) –

• WTI suffered a major slump yesterday as inventories continue to rise in the US. Today’s range $50.9-48.8
• 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 $49.2/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

• Brent is marginally better performer than WTI this week. Today’s range - $53.9-51.6
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $52.1/barrel. Immediate support lies at $52 area and resistance at $56 region.

Natural Gas –   

• Natural gas target $2.3 per MMBtu. Sell here at $2.9 per MMBtu. Today’s range $2.88-2.94
• Natural Gas is currently trading at $2.92/mmbtu. Immediate support lies at $2.5 area & resistance at  $2.9 and $3.1