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 an attack on tankers. Today’s range - $69.8-$69
• WTI is currently trading at $69.4/barrel. Immediate support lies at $67 area and resistance at $75 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $74.9-74.1
• Brent is trading at $5.3 per barrel premium to WTI.
• Brent is trading at $74.7/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 $2.75-$2.8
• Natural Gas is currently trading at $2.79/MMBtu. Immediate support lies at $2.72 area & resistance at $2.92