Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is recovering as OPEC+ announced 1.2 million barrels of supply reduction. Down today on risk aversion and concerns over global growth.  Today’s range - $51.2- $52.8
• WTI is currently trading at $51.5/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 - $60.4-62.4
• Brent is trading at $9.3 per barrel premium to WTI.
• Brent is trading at $60.8/barrel. Immediate support lies at $57 area and resistance at $63 region.

Natural Gas –   

• The natural gas price moving higher after finding support around $4 area. Remains elevated thanks to the lower level of inventories. The volatility has increased significantly.  Today’s range $4.39 -$4.66
• Natural Gas is currently trading at $4.6/MMBtu. Immediate support lies at $4.1 area & resistance at $5.1