Commodities snapshot (energy)
Source: FxWire Pro - Commentary / 24 May 2018 11:00:47 America/New_York
Energy pack is mixed in today’s trading. Weekly performance at a glance in chart & table,
Oil (WTI) –
- Oil price remains elevated as President Trump moves the U.S. out of the Iran deal. However, struggling as the dollar gains. Today’s range - $72-$70.5
- WTI is currently trading at $71/barrel. Immediate support lies at $68 area and resistance at $74 area.
Oil (Brent) –
- Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $79.8-78.5
- Brent is trading at $8 per barrel premium to WTI.
- Brent is trading at $79/barrel. Immediate support lies at $75 area and resistance at $82 region.
Natural Gas –
- Natural gas is continuing its recovery after finding support around $2.5 area. The best performer of the week. Today’s range $2.9-2.94
- Natural Gas is currently trading at $2.93/MMBtu. Immediate support lies at $2.62 area & resistance at $2.85, and $2.90
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