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 - $59.2- $60.8
• WTI is currently trading at $59.5/barrel. Immediate support lies at $55 area and resistance at $61 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 - $69.1-71
• Brent is trading at $9.8 per barrel premium to WTI.
• Brent is trading at $69.5/barrel. Immediate support lies at $68 area and resistance at $75 region.

Natural Gas –   

• The natural gas price has reached the target $3.47 per MMBtu. Likely to test $4 area. The price is currently at $3.48 per MMBtu. Today’s range $3.48-$3.54
• Natural Gas is currently trading at $3.7/MMBtu. Immediate support lies at $3.35 area & resistance at $3.82