Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is down since EIA report yesterday but remains upbeat over OPEC optimism and Saudi pledge to reduce the imbalance. Today’s range $54 -54.5
• Active call – Buy targeting $56 per barrel
• WTI is currently trading at $54.2/barrel. Immediate support lies at $49 area and resistance at $53 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. However, underperformed WTI this week. Today’s range - $60-60.7
• Brent is trading at $6 per barrel premium to WTI.
• Brent is trading at $60.2/barrel. Immediate support lies at $54 area and resistance at $59 region.

Natural Gas –   

• Natural gas continuing its consolidation in a narrow range. Today’s range $2.89-2.93
• Natural Gas is currently trading at $2.92/MMBtu. Immediate support lies at $2.75 area & resistance at and $3.12

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