Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is testing key resistance around $52 area. Today’s range $51.1-51.7
• WTI is currently trading at $51.6/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is marginally better performer than the WTI today. Today’s range - $54.2-54.9
• Brent is trading at $3.2 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $54.8/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Natural gas continues to race higher as it resumes long term bull trend. Today’s range $3.11-3.27
• Resuming long-term bull trend would push gas price to $4.3 per MMbtu.
• Natural Gas is currently trading at $3.26/mmbtu. Immediate support lies at $2.8 area & resistance at and $3.2