Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price remains elevated despite higher supplies from OPEC, Russia and the United States as inventory declines and Iran sanctions weigh. Today’s range - $69- $71.4
• WTI is currently trading at $71/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 - $78.1-79.9
• Brent is trading at $8.2 per barrel premium to WTI.
• Brent is trading at $79.3/barrel. Immediate support lies at $73 area and resistance at $79 region.

Natural Gas –   

• The natural gas price is heading higher to test the sellers around $3 area. The best performer of the week as the range trade continues. Today’s range $2.89-$2.92
• Natural Gas is currently trading at $2.9/MMBtu. Immediate support lies at $2.72 area & resistance at $2.93