• 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

    WTI

             -2.02%

    Brent

             -2.13%

    Natural Gas

             -0.19%


               

     

     

     

     

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