Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is recovering again after a long correction amid geopolitical tensions. Saudi Arabia suspected traffic through Red sea amid attack on tanker. Today’s range - $69.7-$68.9
• WTI is currently trading at $69.2/barrel. Immediate support lies at $67 area and resistance at $75 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geo-political tension and OPEC agreement. Today’s range - $74.8-73.7
• Brent is trading at $4.8 per barrel premium to WTI.
• Brent is trading at $74/barrel. Immediate support lies at $70 area and resistance at $79 region.

Natural Gas –   

• Natural gas likely to drop towards $2.5 area. Today’s range $2.76-$2.8
• Natural Gas is currently trading at $2.77/MMBtu. Immediate support lies at $2.72 area & resistance at $2.92