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. Saudi Arabia has announced that they are comfortable with the current level of production. However, sharply down this week as investors shun risk assets. Today’s range - $71- $72
• WTI is currently trading at $71.4/barrel. Immediate support lies at $72 area and resistance at $77 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geo-political tension and OPEC agreement. Today’s range - $80.1-81.5
• Brent is trading at $8.9 per barrel premium to WTI.
• Brent is trading at $80.3/barrel. Immediate support lies at $78 area and resistance at $85 region.

Natural Gas –   

• The natural gas price has cleared sellers around $3.10 area. Lower level of inventory is providing support, along with hurricane Michael. Next target $3.47 per MMBtu. Today’s range $3.13-$3.26
• Natural Gas is currently trading at $3.18/MMBtu. Immediate support lies at $3.10 area & resistance at $3.47