Commodities snapshot (energy)

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

Oil (WTI) –

• Oil is pushing higher on higher Chinese demand and turmoil in Venezuela. Today’s range $47.1-47.4
• Active call – add short positions to the existing short call targeting $38 per barrel.
• WTI is currently trading at $47.5/barrel. Immediate support lies at $42 area and resistance at $48 area.

Oil (Brent) –

• Brent is down in line with WTI this week. Today’s range - $49.5-49.9
• Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $49.9/barrel. Immediate support lies at $46 area and resistance at $51 region.

Natural Gas –   

• Natural gas is the best performer of the week. Today’s range $3.05-3.09
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $3.08/MMBtu. Immediate support lies at $2.92 area & resistance at and $3.1   

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