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Commodities snapshot (energy)

Energy pack is up 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 - $59.8- $61.3
  • WTI is currently trading at $61.1/barrel. Immediate support lies at $56 area and resistance at $62 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 - $69.6-71.9
  • Brent is trading at $10 per barrel premium to WTI.
  • Brent is trading at $71.1/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 $3.71-$3.91
  • Natural Gas is currently trading at $3.79/MMBtu. Immediate support lies at $3.53 area & resistance at $3.96

WTI

         +1.50%

Brent

         +1.28%

Natural Gas

         +1.88%


           

 

 

 

 

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