Commodities snapshot (energy)

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

Oil (WTI) –

• Oil is rising as Saudi Arabia is set to reduce exports to Asia and as inventories decline. However, increased production from OPEC is exerting downside pressure. Today’s range $47.2-47.8
• Active call – Buy targeting $56 per barrel
• WTI is currently trading at $47.3/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 - $50.2-51
• Brent is trading at $3 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $50.3/barrel. Immediate support lies at $48 area and resistance at $54 region.

Natural Gas –   

• Natural gas is up after forming a base around $2.75 area. Down after testing key downtrend line around $3 area. Today’s range $2.97-2.92
• Active Call -Bear trend would push it towards $2.52 per MMBtu
• Natural Gas is currently trading at $2.94/MMBtu. Immediate support lies at $2.87 area & resistance at and $3.02   

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