22.03.201707:49:00UTC+00Commodities Snapshot (energy)

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

Oil (WTI) –

• WTI is heading for another test of key $50 area. Today’s range $48.3-47.4
• With an OPEC and non-OPEC deal done, the oil price is likely to reach $59 and $68 per barrel. However, WTI might decline to $46 per barrel in the short term.
• WTI is currently trading at $47.5/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is a marginally worse performer than WTI this week. Today’s range - $51-50
• Brent is trading at $2.7 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $50.2/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Natural gas moved higher than we anticipated on production concerns and late cold in the US. The focus is on inventory report this week. Today’s range $3.05-3.11
• Natural Gas is currently trading at $3.05/mmbtu. Immediate support lies at $2.5, $2.8 area & resistance at and $3.1