Commodities snapshot (energy)

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

Oil (WTI) –

• WTI continues to struggle amid supply glut worries. Likely to find support around $46 area. Today’s range $48.3-47.3
• 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 $47.5/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is a marginally worse performer than WTI this week. Today’s range - $51.1-50.2
• Brent is trading at $3 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $50.5/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Prolonged winter and a sharp dip in inventory have pushed gas prices beyond our initial expectations. Today’s range $3.07-3.14
• Natural Gas is currently trading at $3.12/mmbtu. Immediate support lies at $2.8 area & resistance at and $3.2