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 that OPEC supplies on the rise despite Saudi Arabia’s pledge to reduce exports. Today’s range $49.7-48.9
• Active call – Buy targeting $56 per barrel
• WTI is currently trading at $49.6/barrel. Immediate support lies at $45 area and resistance at $52 area.

Oil (Brent) –

• Brent is a much better performer than WTI this week. Today’s range - $51.8-52.7
• Brent is trading at $3 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $52.6/barrel. Immediate support lies at $48 area and resistance at $54 region.

Natural Gas –   

• Natural gas is trying to form a base around $2.75 area. The best performer of the week. Today’s range $2.8-2.86
• Active Call -Bear trend would push it towards $2.69 per MMBtu
• Natural Gas is currently trading at $2.85/MMBtu. Immediate support lies at $2.75 area & resistance at and $2.96   

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