2016.12.2109:12:00UTC+00Commodities Snapshot (energy)

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

Oil (WTI) –

• WTI is remains well bid compared to Brent but oil might head for a correction. Today’s range $53.4-53.8
• With a deal done, the oil price is likely to reach $59 and $68 per barrel.
• WTI is currently trading at $53.4/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is struggling to clear resistance around 458 per barrel. Today’s range - $55.3-55.9
• Brent is trading at $2 per barrel premium to WTI. Likely to widen further.
• Brent is trading at $55.4/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• Natural gas sees first major buying around $3.3 report crucial. We continue to expect natural gas to go to $4.3 area. New targets of $5.5 have been introduced. Today’s range $3.3-3.5
• Natural Gas is currently trading at $3.48/mmbtu. Immediate support lies at $2.6, $3.2 area & resistance at  $3.75 and $4.1