Commodities snapshot (energy)

Energy segment is trading in green today. Weekly performance at a glance in chart & table 

Oil (WTI) -

• WTI is now trading close to $ 54 area, trying to test the resistance. Weaker dollar helped to gain ground. Price traded as high as $53.4.
  
• Bulls might once again move to test $54-54.5 area. Breakout of the area would push prices higher towards $60 as initial target area.
  
  
• WTI is currently trading at $53/barrel, up 2% today. Immediate support lies at $49.8-49.5, $47.5-47 and resistance at $54-54.5, and $58.9-59.7.

Oil (Brent) -

• Brent is going up along WTI, however gaining lower ground compared.

• Brent-WTI spread moved lower today, trading at $5.4/barrel. Bears seem to have gained control again and might lower the spread further.

• Brent is trading at $58.4/barrel. Downtrend intact. Immediate support lies at $54.5-53 area and resistance at $ 59.4-60.2 region.

Natural Gas -

• Natural gas is showing signs of dead cat bounce after price moved traded around $2.47/mmbtu yesterday. Up 1.20% today so far.

• Price is now trading very close to mentioned target of $2.44/mmbtu. Profit bookings are advised around levels. Prices might consolidate for now before resuming bear trend.

• Natural Gas is currently trading at 2.53/mmbtu. Immediate support lies at $2.12 area & resistance at $2.60, 2.71.