Commodities snapshot (energy)

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

Oil (WTI) –

• WTI remain upbeat on the greater likelihood of a deal on Thursday. Iraq has joined Saudi-Russia initiative to extend the deal by nine months. Today’s range $50.6-51.4
• WTI is currently trading at $51.2/barrel. Immediate support lies at $44 area and resistance at $52 area.

Oil (Brent) –

• Brent is a weaker performer than the WTI this week. Today’s range - $53.2-54.1
• Brent is trading at $2.7 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $53.9/barrel. Immediate support lies at $50 area and resistance at $56 region.

Natural Gas –   

• Natural gas is down today but the best performer of the week. Today’s range $3.34-3.27
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.31/MMBtu. Immediate support lies at $3.15 area & resistance at and $3.5