Commodities snapshot (energy)

Energy segment is recovering after losing ground yesterday in New York trading. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI is facing selling pressure after gaining close $62.6/barrel yesterday, as crude stock pile US fell by 3.9 million barrels. Crude came very close to second target of $63-$65 area. Next target is coming around $70/barrel.
  
  
• However price might drop in short term. Very bearish Grave stone doji appeared in daily candle. Some profit booking is suggested.
  
  
• WTI is currently trading at $60.8/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65. $58 area might provide interim support.

Oil (Brent) -

• Brent like WTI looking weaker in short term. Bearish inverted hammer appeared in daily chart.

• Brent-WTI spread dropped 20 cents today, currently trading at $7/barrel.
  
  
• Brent is trading at $67.8/barrel. Immediate support lies at $63.7-63.2, 61.8-61.4 area and resistance at $ 70 region. Traders should book partial profit as it might go down near term.

Natural Gas -

• Natural gas is consolidating close to resistance area. Risk reward remains favorable to the short side. Focus is on today EIA inventory report and tomorrow's non-farm payroll report.
  
  
• Bulls need to break above $2.85-$2.9 area to diminish downside bias significantly.
  
  
• Natural Gas is currently trading at 2.79/mmbtu. Immediate support lies at $2.72, $2.44 area & resistance at $2.86.