Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is continuing its recovery this week after five weeks of consecutive decline.  Today’s range $44.7-45.4
• WTI is currently trading at $45.3/barrel. Immediate support lies at $42 area and resistance at $46 area.

Oil (Brent) –

• Brent is up in line with WTI this week. Today’s range - $47.3-48
• Brent is trading at $2.6 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $47.9/barrel. Immediate support lies at $44 area and resistance at $49 region.

Natural Gas –   

• Natural gas is the best performer of the week. Today’s range $3.06-3.13
• Inventory increased by 46 billion cubic feet, lower than 52 billion estimate
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $3.11/MMBtu. Immediate support lies at $3.01 area & resistance at and $3.17   

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest