Commodities snapshot (energy)

Energy segment performance is mixed so far this week. Weekly performance at a glance in chart & table 

Oil (WTI) -

• WTI is gaining grounds this week, after bulls broke $54 level last week, as suggested earlier WTI might further. $60 looks to be initial target, partial profit booking is recommended and next target is coming around $63-$65 area.
  
  
• It might seem bit far-fetched but WTI might as well move towards $70-$75, should dollar index weaken past 96 level. That requires a catalyst for such.
  
  
• WTI is currently trading at $57.6/barrel. Immediate support lies at $51.2-50, $47.5-47 and resistance at $58.9-59.7.

Oil (Brent) -

• Brent dropped today and down this week so far as bulls faced resistance. Bulls might continue to test the resistance around $64-$65, while WTI close in on $60 level.

• Brent-WTI spread down further today, currently trading at $5.3/barrel. Bears are might push spread lower, however may remain limited to $2-$3.

• Brent is trading at $62.9/barrel. Immediate support lies at 61.8-61.4, $58-57 area and resistance at $ 64-$65 region.

Natural Gas -

• Natural gas is worst performer this week and might move lower over summer, however it won't be just one way ride as volatilities and swings would keep short trading environment tougher.
  
• Price target is coming close to $2.15/mmbtu.
  
• Natural Gas is currently trading at 2.56/mmbtu. Immediate support lies at $2.12 area & resistance at $2.71.