Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price recovery on Monday failed to follow up as it heads towards $42 area. Today’s range $44.9-43.8
• Active call – add short positions to the existing short call targeting $38 per barrel.
• WTI is currently trading at $43.9/barrel. Immediate support lies at $42 area and resistance at $46 area.

Oil (Brent) –

• Brent is down in line with WTI today. Today’s range - $47.4-46.3
• Brent is trading at $2.5 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $46.4/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 $2.91-2.96
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $2.95/MMBtu. Immediate support lies at $2.84 area & resistance at and $3.1   

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