Commodities snapshot (energy)

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

Oil (WTI) -

• Weaker dollar and drop in US crude stock pile provided cues to bulls that have pushed prices higher.
  
• EIA stocks dropped -3.9 million barrels last week. Bulls are now targeting $64-$65 area and might move to $70 should dollar weaken further.
  
  
• WTI is currently trading at $62/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $58.9-59.7, $64-$65. Partial booking is suggested at around second target of $63-$65 area.

Oil (Brent) -

• Brent rose along WTI as weaker dollar provided the necessary support.

• Brent-WTI spread is trading flat today, currently trading at $7.2/barrel. Brent might be targeting $69.6-$70 level as initial target. Lower stockpile failed to push spread lower, signaling that it might be taking cues from elsewhere.

• Brent is trading at $69.2/barrel. Immediate support lies at $63.7-63.2, 61.8-61.4 area and resistance at $ 70 region. Traders should exercise caution as first target is almost reached and payroll data is due on Friday.

Natural Gas -

• Bulls are struggling to break free of key resistance, tomorrow's inventory report could provide cues needed followed by payroll report on Friday.
  
  
• 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.