Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is marginally higher today but remains under selling pressure as geopolitical tensions ease and as production in the US increased for a 9th consecutive week. Today’s range $51-50.3
• WTI is currently trading at $50.4/barrel. Immediate support lies at $49 area and resistance at $54 area.

Oil (Brent) –

• Brent gave up lots of spread gains against WTI this week, however, performace improved since yesterday. Today’s range - $52.7-53.3
• Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $52.8/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas continues to struggle to move higher, consolidation likely to continue a while. Today’s range $3.15-3.19
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.16/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3