Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price rose sharply on the news of fuel shortage in Europe. Today’s range $45.6-46
• Active call – add short positions to the existing short call targeting $38 per barrel.
• WTI is currently trading at $45.8/barrel. Immediate support lies at $42 area and resistance at $46 area.

Oil (Brent) –

• Brent is a much worse performer than WTI this week. Today’s range - $48-48.5
• Brent is trading at $2.3 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $48.1/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 $3.01-3.05
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $3.02/MMBtu. Immediate support lies at $2.92 area & resistance at and $3.1   

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