Commodities snapshot (energy)

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

Oil (WTI) -

• Weaker dollar and Middle East tensions provided necessary cues to WTI bulls as they have cleared $60 area. Next target is coming around $64-65 area.
  
  
• EIA stocks on Wednesday and NFP report on Friday remain the focus. Weaker dollar might even lead crude towards $70 level.
  
  
• WTI is currently trading at $60.9/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $58.9-59.7, $64-$65

Oil (Brent) -

• Brent has been rising amid weaker dollar and Middle East tensions.

• Brent-WTI spread down slightly by 20 cents, currently trading at $7.2/barrel. Brent might be targeting $69.6-$70 level as initial target.

• Brent is trading at $68/barrel. Immediate support lies at $63.7-63.2, 61.8-61.4 area and resistance at $ 70 region. Traders should exercise caution as price target comes close and NFP report later in the week.

Natural Gas -

• Bulls have gained further grounds after last week's massive rise of close to 10%. Thursday's inventory report holds key.
  
  
• Bulls need to break above $2.85-$2.9 area to diminish downside bias significantly.
  
  
• Natural Gas is currently trading at 2.80/mmbtu. Immediate support lies at $2.44 area & resistance at $2.86.