Commodities snapshot (energy)

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

Oil (WTI) –

• Oil is down this week so far but gaining more grounds as Saudi oil minister suggests export curb and capping Nigerian output at 1.8 million barrels per day. Today’s range $49.4-50.5
• Active call – Buy targeting $56 per barrel
• WTI is currently trading at $49.5/barrel. Immediate support lies at $45 area and resistance at $52 area.

Oil (Brent) –

• Brent is a much worse performer than WTI this week. Today’s range - $51.8-52.9
• Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51.9/barrel. Immediate support lies at $48 area and resistance at $54 region.

Natural Gas –   

• Natural gas is the worst performer of the week so far. Today’s range $2.75-2.84
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $2.78/MMBtu. Immediate support lies at $2.92 area & resistance at and $3.1   

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