Commodities snapshot (energy)

Energy pack is trading in red today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI has broken to further lows as $58 interim resistance got broken this week.
  
• Dojis have finally succeeded in pushing WTI lower. Further downside remains open.
  
  
• Target for the downside is coming around $50-51/barrel.
  
  
• API data showed inventory injection of 1.27 million barrels. EIA will release its stat at 15:00 GMT.
  
  
• WTI is currently trading at $56.8/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent is a bigger loser today and likely to move down further.

• Brent-WTI lost 30 cents today, currently trading at $4.7/barrel. Brent is at crucial support.

• Target is coming around $55/barrel.

• Brent is trading at $61.5/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas is consolidating near support of $2.78, however traded around $2.77 intraday.
  
  
• Price is likely to decline towards $2.62.
  
  
• EIA will release inventory stat at 14:30 GMT.
  
  
• Price target for bulls are coming close to $3.5/mmbtu, should support at $2.45 holds. Averaging it as low as possible would diminish risk.
  
  
• Natural Gas is currently trading at $2.78/mmbtu. Immediate support lies at $2.78, $2.68 area & resistance at $3.04, $3.32.