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 as OPEC+ announced 1.2 million barrels of supply reduction and as hedge funds are still reducing positions.  Today’s range - $51.9- $50.2
• WTI is currently trading at $50.5/barrel. Immediate support lies at $45 area and resistance at $55 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $59.7-61.2
• Brent is trading at $9.5 per barrel premium to WTI.
• Brent is trading at $60/barrel. Immediate support lies at $57 area and resistance at $63 region.

Natural Gas –   

• The natural gas price is declining sharply as extreme weather fades.  Today’s range $3.60 -$3.80
• Natural Gas is currently trading at $3.67/MMBtu. Immediate support lies at $3.2 area & resistance at $4.3