Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is up today but clearly struggling to gain back further grounds after last Friday’s major bounce back. We expect the WTI to reach $43 per barrel. Target extended to $38 per barrel. Today’s range $46.5-46           
• WTI is currently trading at $46.4/barrel. Immediate support lies at $42 area and resistance at $49 area.

Oil (Brent) –

• Brent is up in line with the WTI this week. Brent is likely to drop below $40 per barrel. Today’s range - $49.3-48.8
• Brent is trading at $2.9 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $49.3/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural gas is heading for another test of the key resistance at $3.3 per MMBtu. Today’s range $3.19-3.26
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.25/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3