2017.05.1507:04:00UTC+00Commodities Snapshot (energy)

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

Oil (WTI) –

• WTI is racing higher today as Saudi Arabia’s oil minister announced an agreement with the Russian oil minister on the extension of the deal till March 2018. We expect the WTI to reach $43 per barrel. Target extended to $38 per barrel. Today’s range $47.7-49.5  
• WTI is currently trading at $49.1/barrel. Immediate support lies at $44 area and resistance at $52 area.

Oil (Brent) –

• Brent is up in line with the WTI today. Brent is likely to drop below $40 per barrel. Today’s range - $50.7-52.5
• Brent is trading at $3.1 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $52.2/barrel. Immediate support lies at $50 area and resistance at $56 region.

Natural Gas –   

• Natural has resumed its broad bull trend. The focus will remain on inventory report. Today’s range $3.37-3.43
• Resuming long-term bull trend would push the gas price to $4.3 per MMBtu.
• Natural Gas is currently trading at $3.37/MMBtu. Immediate support lies at $2.95 area & resistance at and $3.3