17.02.201708:51:00UTC+00Commodities Snapshot (energy)

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

Oil (WTI) –

• WTI continuing its consolidation facing higher production from United States, higher inventories, and a stronger dollar. Cash market tightening suggest that the OPEC deal might be working. Today’s range $53.5-52.9
• 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 $53.1/barrel. Immediate support lies at $49 area and resistance at $57 area.

Oil (Brent) –

• Brent is much worse performer than WTI this week. Today’s range - $55.1-55.9
• Brent is trading at $2.2 per barrel premium to WTI. Likely to widen further in the medium term.
• Brent is trading at $55.3/barrel. Immediate support lies at $52 area and resistance at $58 region.

Natural Gas –   

• As expected, the natural gas is in decline and price is likely to decline further as inventory weighs and winter fades.  Sell Natural gas targeting $2.7 per MMBtu. Today’s range $2.83-2.88
• Natural Gas is currently trading at $2.86/mmbtu. Immediate support lies at $2.6, $2.8 area & resistance at  $3.1 and $3.3