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2017.03.2207:49:00UTC+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   

WTI

        -2.62%

Brent

        -2.96%

Natural Gas

        +3.91%


           

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