Commodities snapshot (energy)

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

Oil (WTI) –

• Oil price is likely to rise as OPEC production is moving lower fast. According to Platts’ survey, production declined by more than 0.6 million barrels per day.  Today’s range - $50.6- $52
• WTI is currently trading at $51.8/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 - $59.1-60.5
• Brent is trading at $8.4 per barrel premium to WTI.
• Brent is trading at $60.2/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 support around $3.75 area. Today’s range $3.51 -$3.72
• Natural Gas is currently trading at $3.53/MMBtu. Immediate support lies at $3.2 area & resistance at $4.1