Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price remains dogged by the supply glut in the market despite supply shrinkage by OPEC.  Today’s range $44.4-45
• WTI is currently trading at $44.9/barrel. Immediate support lies at $42 area and resistance at $49 area.

Oil (Brent) –

• Brent is up today in line with WTI. Today’s range - $47-47.7
• Brent is trading at $2.6 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $47.5/barrel. Immediate support lies at $46 area and resistance at $50 region.

Natural Gas –   

• Natural gas declined sharply and is back testing the key 2.92 area. Today’s range $3.03-2.92
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $2.93/MMBtu. Immediate support lies at $2.92 area & resistance at and $3.10