2017.03.2908:05:00UTC+00Commodities Snapshot (energy)

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

Oil (WTI) –

• WTI continues to struggle amid supply glut worries below $50 resistance. Likely to find support around $46 area. Today’s range $48.4-48.9
• 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 $48.6/barrel. Immediate support lies at $46 area and resistance at $52 area.

Oil (Brent) –

• Brent is up in line with the WTI this week. Today’s range - $51.3-51.9
• Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $51.7/barrel. Immediate support lies at $49 area and resistance at $56 region.

Natural Gas –   

• Natural gas continues to race higher as investors fear lesser production next year. Today’s range $3.08-3.23
• Natural Gas is currently trading at $3.2/mmbtu. Immediate support lies at $2.8 area & resistance at and $3.2