Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is likely to rise further as OPEC production is moving lower fast. This week, it is moving lower after testing key resistance around $54 area. According to OPEC survey, production declined by more than 0.75 million barrels per day in December and set to decline more as new production agreement becomes binding since January 2019.  Today’s range - $52- $54.3
• WTI is currently trading at $52.2/barrel. Immediate support lies at $48 area and resistance at $54 area.

Oil (Brent) –

• Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $62.8-60.5
• Brent is trading at $8.6 per barrel premium to WTI.
• Brent is trading at $60.8/barrel. Immediate support lies at $56 area and resistance at $62 region.

Natural Gas –   

• The natural gas price is rising in January after crashing in November. Likely to find resistance around $3.75 area. Today’s range $3.36 -$3.13
• Natural Gas is currently trading at $3.15/MMBtu. Immediate support lies at $3 area & resistance at $3.8