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 a supply glut in the market despite supply shrinkage by OPEC. Declines further.  Today’s range $43.2-44.7
• WTI is currently trading at $43.2/barrel. Immediate support lies at $42 area and resistance at $49 area.

Oil (Brent) –

• Brent is up this week in line with WTI. Today’s range - $45.6-47.2
• Brent is trading at $2.5 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $45.7/barrel. Immediate support lies at $46 area and resistance at $50 region.

Natural Gas –   

• Natural gas likely to decline further as key support broken around $2.92 area. Today’s range $2.87-2.92
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $2.89/MMBtu. Immediate support lies at $2.84 area & resistance at and $2.96