Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is struggling to recover last week’s lost grounds. It struggling around $50 area. Today’s range $48.6-49.2
• 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 $48.9/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is up in line with the WTI today. Today’s range - $52.7-51.9
• Brent is trading at $3 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51.9/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Late freezing temperatures in the East Coast proving support to natural gas but we still remain committed to the downside. Yesterday’s inventory report was weaker than expected and prompted drop in natural gas price. Today’s range $2.88-2.94
• Natural Gas is currently trading at $2.9/mmbtu. Immediate support lies at $2.5, $2.8 area & resistance at and $3.1