Commodities snapshot (energy)

Energy pack is mixed today, while oil is down gas is up. Weekly performance at a glance in chart & table.

Oil (WTI) 

• WTI is down today after three consecutive days of short covering. Today's range $48.9-45.7
• Buy oil targeting $53/barrel area.
   
• WTI is currently trading at $46.2/barrel. Immediate support lies at $43 area and resistance at $53 area.

Oil (Brent) 

• Brent dropped along with WTI, however relatively worse performer than former. Today's range - $53.5-50.4.
   
• Brent-WTI spread dropped to $4.5/barrel. Further contraction possible.
   
• Brent is trading at $50.7/barrel. Immediate support lies at $48 area and resistance at $54.5, 59 region.

Natural Gas 

• Natural gas continues to consolidate around $2.7/mmbtu and likely to drop further, focus on inventory this week. Today's range $2.72-2.67.
   
• Price might drop to $2.35/mmbtu, since support cleared. However $2.63 area proving to be strong support.
   
• Natural Gas is currently trading at $2.68/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.75, $2.95, $3.04, $3.32.

WTI

+2.05%

Brent

+1.54%

Natural Gas

 

-1.25%