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. While Iran has threatened to close the Persian Gulf using Strait of Hormuz, Saudi oil tankers came under attack in the Red Sea by Houthi rebels from Yemen. Today’s range - $68.8-$70.1
• WTI is currently trading at $70.1/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 - $75-74.1
• Brent is trading at $5.3 per barrel premium to WTI.
• Brent is trading at $74.9/barrel. Immediate support lies at $70 area and resistance at $79 region.

Natural Gas –   

• The bounce back from $2.7 area is continuing, however, a further drop towards $2.5 area is likely  Today’s range $2.77-$2.8
• Natural Gas is currently trading at $2.79/MMBtu. Immediate support lies at $2.72 area & resistance at $2.92