Commodities snapshot (energy)
Source: FxWire Pro - Commentary / 18 Sep 2018 15:29:12 Europe/London
Energy pack is up in today’s trading. Weekly performance at a glance in chart & table,
Oil (WTI) –
- Oil price remains elevated despite higher supplies from OPEC, Russia and the United States as inventory declines and Iran sanctions weigh. Today’s range - $68.5- $70.4
- WTI is currently trading at $70.1/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 - $77.8-78.9
- Brent is trading at $9.4 per barrel premium to WTI.
- Brent is trading at $79.5/barrel. Immediate support lies at $73 area and resistance at $79 region.
Natural Gas –
- The natural gas price is moving down as it failed to break the sellers around $3 area. The best performer of the week as the range trade continues. Today’s range $2.76-$2.87
- Natural Gas is currently trading at $2.86/MMBtu. Immediate support lies at $2.72 area & resistance at $2.93
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