Commodities snapshot (energy)

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

Oil (WTI) –

• WTI cleared the $50 resistance last week. The key test lies around $52 area. Today’s range $50.5-50.8
• WTI is currently trading at $50.6/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is a marginally worse performer than the WTI today. Today’s range - $53.3-53.7
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $53.5/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Natural gas continues to race higher on a greater than expected decline in inventories and expected weaker production. Today’s range $3.18-3.25
• Natural Gas is currently trading at $3.21/mmbtu. Immediate support lies at $2.8 area & resistance at and $3.2