Commodities snapshot (energy)
Source: FxWire Pro - Commentary / 23 Nov 2017 08:38:15 Eastern Standard Time
Energy pack is down in today’s trading. Weekly performance at a glance in chart & table,
Oil (WTI) –
- Despite the sharp decline over the past weeks, the oil price remains upbeat on Middle East tensions and approaching OPEC meeting. Today’s range - $57.7-$58.1
- Active call – Target reached at $56 per barrel
- WTI is currently trading at $58/barrel. Immediate support lies at $54 area and resistance at $60 area.
Oil (Brent) –
- Brent remains elevated over WTI due to higher demand, geo-political tension and OPEC agreement but much worse since last week. Today’s range - $62.8-63.3
- Brent is trading at $5.1 per barrel premium to WTI.
- Brent is trading at $63.1/barrel. Immediate support lies at $59 area and resistance at $65 region.
Natural Gas –
- Natural gas is continuing range trade despite several breakout attempts. Today’s range $2.99-2.92
- Natural Gas is currently trading at $2.93/MMBtu. Immediate support lies at $2.96 area & resistance at and $3.12
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