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. The price has broken into new post-deal low.  Today’s range - $49.6- $47.5
• WTI is currently trading at $47.6/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 - $59.3-57.2
• Brent is trading at $10 per barrel premium to WTI.
• Brent is trading at $57.6/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 and as the technical triangle breaks.  Today’s range $3.56 -$3.80
• Natural Gas is currently trading at $3.67/MMBtu. Immediate support lies at $3.2 area & resistance at $4.1