Commodities snapshot (energy)

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

Oil (WTI) –

• Despite OPEC deal and Middle East tensions, oil price continues to decline on supply glut fear  Today’s range $44.3-44.8
• WTI is currently trading at $44.4/barrel. Immediate support lies at $42 area and resistance at $49 area.

Oil (Brent) –

• Brent is down in line with WTI. Today’s range - $46.7-47.2
• Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $46.8/barrel. Immediate support lies at $46 area and resistance at $50 region.

Natural Gas –   

• Natural gas is the worst performer of the week, likely to slide further. Today’s range $2.92-2.97
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $2.94/MMBtu. Immediate support lies at $2.92 area & resistance at and $3.10