Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price remains elevated despite higher supplies from OPEC, Russia and the United States as inventory declines and Iran sanctions weigh. Saudi Arabia has announced that they are comfortable with the current level of production. Today’s range - $70.8- $72.8
• WTI is currently trading at $72.7/barrel. Immediate support lies at $64 area and resistance at $72 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $81-78.7
• Brent is trading at $9.5 per barrel premium to WTI.
• Brent is trading at $82.2/barrel. Immediate support lies at $78 area and resistance at $85 region.

Natural Gas –   

• The natural gas price is testing the sellers around $3-$3.10 area. Today’s range $3.07-$3.04
• Natural Gas is currently trading at $3.05/MMBtu. Immediate support lies at $2.84 area & resistance at $3.10