Commodities snapshot (energy)
Source: FxWire Pro - Commentary / 21 Aug 2018 13:09:19 America/New_York
Energy pack is up in today’s trading. Weekly performance at a glance in chart & table,
Oil (WTI) –
- Oil price is struggling as trade tensions weigh on demand, especially the deterioration in relations between Turkey and the U.S. and the weakness in the emerging markets. Today’s range - $66.7-$65.3
- WTI is currently trading at $66/barrel. Immediate support lies at $64 area and resistance at $72 area.
Oil (Brent) –
- Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $72-73
- Brent is trading at $6.5 per barrel premium to WTI.
- Brent is trading at $72.5/barrel. Immediate support lies at $70 area and resistance at $76 region.
Natural Gas –
- The bounce back from $2.7 area is continuing, as the U.S. and the EU have agreed in principle to trade more on gas and price is testing $3 resistance area. Today’s range $2.95-$2.99
- Natural Gas is currently trading at $2.98/MMBtu. Immediate support lies at $2.84 area & resistance at $3.10
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