Commodities snapshot (energy)

Energy pack is up 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. Further declines likely.  Today’s range $43.6-43
• WTI is currently trading at $43.5/barrel. Immediate support lies at $42 area and resistance at $49 area.

Oil (Brent) –

• Brent is down this week in line with WTI. Today’s range - $45.4-46.1
• Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $45.9/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 $2.88-2.95
• 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 $2.84 area & resistance at and $2.96   

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