Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is heading higher despite higher supplies from OPEC, Russia and the United States as inventory declines and Iran sanctions weigh. Today’s range - $69.6-$71.4
• WTI is currently trading at $70.1/barrel. Immediate support lies at $64 area and resistance at $72 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $77.6-79.7
• Brent is trading at $8.3 per barrel premium to WTI.
• Brent is trading at $78.4/barrel. Immediate support lies at $73 area and resistance at $79 region.

Natural Gas –   

• The bounce back from $2.7 area seems to be over as the price declines from $3 resistance area again after a failed attempt to break.  Today’s range $2.83-$2.92
• Natural Gas is currently trading at $2.84/MMBtu. Immediate support lies at $2.78 area & resistance at $2.95