Commodities snapshot (energy)
Source: FxWire Pro - Commentary / 23 Oct 2018 10:13:11 America/New_York
Energy pack is up in today’s trading. Weekly performance at a glance in chart & table,
Oil (WTI) –
- Oil price is moving down despite Middle East tensions as inventories continue to build amid sharply higher production. Broad trend is still bullish. Today’s range - $67.6- $69.7
- WTI is currently trading at $67.9/barrel. Immediate support lies at $68 area and resistance at $75 area.
Oil (Brent) –
- Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. The recent disappearance of a Washington Post journalist at Saudi Consulate has triggered an international backlash and the market is pushing prices higher on fear of sanctions on Saudi Arabia. Today’s range - $77.8-80.1
- Brent is trading at $10.6 per barrel premium to WTI.
- Brent is trading at $78.1/barrel. Immediate support lies at $78 area and resistance at $85 region.
Natural Gas –
- The natural gas price has cleared sellers around $3.10 area. The lower level of inventory is providing support as winter approaches. Next target $3.47 per MMBtu. Today’s range $3.23-$3.11
- Natural Gas is currently trading at $3.21/MMBtu. Immediate support lies at $3.10 area & resistance at $3.47
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