Commodities snapshot (energy)

Energy segment is struggling this week to push ahead. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI dropped further as expected, after grave stone doji appeared in daily chart. However today payroll data provided support.
  
• Crude came very close to second target of $63-$65 area. Next target is coming around $70/barrel. However price might go down in short term as bearish doji remains in play.
  
  
• WTI is currently trading at $58.9/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65. $58 provided interim support.

Oil (Brent) -

• Brent dropped faster as talks are circulating of Iran exports rising sharply. Further downside remain likely as Brent almost reached first target of $70/barrel.

• Brent-WTI spread dropped 90 cents today, currently trading at $6.1/barrel.
  
  
• Brent is trading at $65/barrel. Immediate support lies at $63.7-63.2, 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas broke above resistance area. EIA storage data pointing to higher demand, as stockpile rise much slowly.
  
  
• Downside bias is diminished significantly. Buy trades might be entered with small quantity as price might look to consolidate here.
  
  
• However bulls seem to be strong and will push prices towards $3.5/mmbtu, should $2.45 holds. Immediate support is around $2.65 for the buy trade. Key resistance is at 3.04-3.12 area.
  
  
• Natural Gas is currently trading at 2.84/mmbtu. Immediate support lies at $2.65, $2.44 area & resistance at $2.86.