Commodities snapshot (energy)

Energy pack is mixed 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. In addition to that, the United States’ granting of sanctions waiver to several countries like China, India, and Korea are weighing on price. Broad trend is still bullish. Today’s range - $57.2- $55.6
• WTI is currently trading at $56.8/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. Today’s range - $69.7-68.1
• Brent is trading at $10.2 per barrel premium to WTI.
• Brent is trading at $67/barrel. Immediate support lies at $63 area and resistance at $68 region.

Natural Gas –   

• The natural gas price is moving down after hitting almost $5 per MMBtu. Today’s range $4.14 -$4.80
• Natural Gas is currently trading at $4.14/MMBtu. Immediate support lies at $4 area & resistance at $5.44