Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is struggling between bull/bear fight as OPEC+ announced 1.2 million barrels of supply reduction and as hedge funds are still reducing positions. The price has broken into new post-deal low.  Today’s range - $45.6- $47.5
• WTI is currently trading at $46.2/barrel. Immediate support lies at $45 area and resistance at $55 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geo-political tension and OPEC agreement. Today’s range - $54.5-56.8
• Brent is trading at $8.8per barrel premium to WTI.
• Brent is trading at $55/barrel. Immediate support lies at $57 area and resistance at $63 region.

Natural Gas –   

• The natural gas price is declining sharply as extreme weather fades and as the technical triangle breaks.  Today’s range $3.63 -$3.94
• Natural Gas is currently trading at $3.66/MMBtu. Immediate support lies at $3.2 area & resistance at $4.1