Commodities snapshot (energy)

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

Oil (WTI) –

• Oil is looking to gain further grounds on positive inventory news and speculation on Saudi action. Today’s range $49.2-48.5
• Active call – Buy targeting $56 per barrel
• WTI is currently trading at $49/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 - $51.8-52.8
• Brent is trading at $2.9 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 still the worst performer of the week so far. Today’s range $2.8-2.85
• 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 $2.78 area & resistance at and $2.96   

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