Commodities snapshot (energy)

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

Oil (WTI) –

• WTI is continuing its recovery as inventories have declined more than expected according to EIA report. We expect the WTI to reach $43 per barrel. Target extended to $38 per barrel. Today’s range $47.6-48.1           
• WTI is currently trading at $47.9/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 - $50.5-51.1
• Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• Natural has looks very much likely to have resumed its broad bull trend. The focus is on inventory report. Today’s range $3.34-3.39
• Resuming long-term bull trend would push gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.38/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3