Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is sharply down today as speculators cover long positions amid an increase in active oil rigs in the US. It struggling below $50 area. Today’s range $48.9-47.9
• 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 $48.2/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is a relatively better performer than WTI today. Today’s range - $51.7-51
• Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51.3/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Natural gas in retreat as cold weather starts to fade from North America. Today’s range $2.89-2.96
• Natural Gas is currently trading at $2.92/mmbtu. Immediate support lies at $2.5, $2.8 area & resistance at and $3.1