Commodities snapshot (energy)

Energy pack is mixed 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 - $48.1- $49.5
• WTI is currently trading at $48.8/barrel. Immediate support lies at $42 area and resistance at $51 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $57.4-58.9
• Brent is trading at $9.3 per barrel premium to WTI.
• Brent is trading at $58.1/barrel. Immediate support lies at $52 area and resistance at $59 region.

Natural Gas –   

• The natural gas price crashed in December after a big rise in November. Likely to find support around $3.75 area. Today’s range $3.04 -$2.91
• Natural Gas is currently trading at $2.95/MMBtu. Immediate support lies at $3.2 area & resistance at $4.1