Commodities snapshot (energy)

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

Oil (WTI) –

• WTI covered some of its lost grounds but still in the deep red for the week. Today’s range $49.3-49.8
• 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 $49.6/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

• Brent is a marginally better performer than WTI this week. Today’s range - $52.1-52.7
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $52.5/barrel. Immediate support lies at $52 area and resistance at $56 region.

Natural Gas –   

• Natural gas surpassed our expectations for correction; however, we remain committed to the downside. No reason to long here. Today’s range $2.98-3.01
• Natural Gas is currently trading at $3.01/mmbtu. Immediate support lies at $2.5, $2.8 area & resistance at and $3.1