Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is struggling as trade tensions weigh on demand, especially the deterioration in relations between Turkey and the U.S. and the weakness in the emerging markets. However, lower inventory is pushing prices higher Today’s range - $68.3-$69
• WTI is currently trading at $68.8/barrel. Immediate support lies at $64 area and resistance at $72 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geo-political tension and OPEC agreement. Today’s range - $75.4-76.2
• Brent is trading at $7.3 per barrel premium to WTI.
• Brent is trading at $76.1/barrel. Immediate support lies at $73 area and resistance at $79 region.

Natural Gas –   

• The bounce back from $2.7 area is continuing, as the U.S. and the EU have agreed in principle to trade more on gas and price is testing $3 resistance area.  Today’s range $2.92-$2.87
• Natural Gas is currently trading at $2.89/MMBtu. Immediate support lies at $2.84 area & resistance at $3.10