Commodities snapshot (energy)

Energy pack is trading in red today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI is marginally down heading into FOMC rate decision after yesterday's spectacular rise. Today's range $47.7-46.3.
  
  
• WTI is currently trading at $46.8/barrel. Immediate support lies at $43.3, $41.5 area and resistance at $48 area.

Oil (Brent) -

• Brent dropped sharply against WTI, reducing the spread. Today's range - $48.5-50.2.
  
  
• Brent-WTI spread dropped to $1.9/barrel from $2.7/barrel. Further contraction likely. However profit booking suggested at drop during FOMC.
  
  
• Brent is trading at $48.7/barrel. Immediate support lies at $45 area and resistance at $52.5, 59 region.

Natural Gas -

• Natural gas dropped today into new low ahead of FOMC. Today's range $2.68-2.6.

• EIA report showed inventory rose by 73 billion cubic feet.
  
• Natural Gas is currently trading at $2.65/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.75, $2.95, $3.04, $3.32.