Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is moving down despite Middle East tensions as inventories continue to build amid sharply higher production. Broad trend is still bullish. Today’s range - $67.7- $66.6
• WTI is currently trading at $66.5/barrel. Immediate support lies at $63 area and resistance at $69 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. The recent disappearance of a Washington Post journalist at Saudi Consulate has triggered an international backlash and the market is pushing prices higher on fear of sanctions on Saudi Arabia. Today’s range - $76.1-77.8
• Brent is trading at $10 per barrel premium to WTI.
• Brent is trading at $76.5/barrel. Immediate support lies at $73 area and resistance at $81 region.

Natural Gas –   

• The natural gas price has cleared sellers around $3.10 area. The lower level of inventory is providing support as winter approaches. Next target $3.47 per MMBtu. Today’s range $3.27-$3.20
• Natural Gas is currently trading at $3.24/MMBtu. Immediate support lies at $3.10 area & resistance at $3.47