Commodities snapshot (energy)

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

Oil (WTI) –

• WTI has broken below key trend line support. Further selloffs likely. We expect the WTI to reach $43 per barrel. Target extended to $38 per barrel. Today’s range $47.8-46.6    
• WTI is currently trading at $45.4/barrel. Immediate support lies at $42 area and resistance at $49 area.

Oil (Brent) –

• Brent is a better performer than WTI this week. Brent is likely to drop below $40 per barrel. Today’s range - $46.6-49
• Brent is trading at $3 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $48.4/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas is struggling to keep its head above $3.2 per MMBtu. Key resistance at $3.3 per MMBtu. Today’s range $3.17-3.22
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.21/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3