Commodities snapshot (energy)
Source: FxWire Pro - Commentary / 16 Jul 2018 10:07:27 America/New_York
Energy pack is mixed in today’s trading. Weekly performance at a glance in chart & table,
Oil (WTI) –
- Oil price is correcting as OPEC production rose by 0.32 million barrels in June. Today’s range - $69.3-$70.9
- WTI is currently trading at $69.3/barrel. Immediate support lies at $67 area and resistance at $75 area.
Oil (Brent) –
- Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $73-75.4
- Brent is trading at $4 per barrel premium to WTI.
- Brent is trading at $73.3/barrel. Immediate support lies at $70 area and resistance at $79 region.
Natural Gas –
- Natural gas heading sharply lower as the bulls fail to clear resistance around $3 area. Today’s range $2.73-$2.78
- Natural Gas is currently trading at $2.75/MMBtu. Immediate support lies at $2.72 area & resistance at $2.92, $3.10
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