Commodities snapshot (energy)

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

Oil (WTI) –

• Oil is down on reports of increased production from Saudi Arabia. Today’s range $51.2-48.5
• Active call – Buy targeting $56 per barrel
• WTI is currently trading at $49.1/barrel. Immediate support lies at $45 area and resistance at $52 area.

Oil (Brent) –

• Brent is down in line with the WTI this week. Today’s range - $51.8-51.2
• Brent is trading at $2.4 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51.8/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 $2.78-2.83
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $2.81/MMBtu. Immediate support lies at $2.92 area & resistance at and $3.1   

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