Commodities snapshot (energy)

Energy pack is heavily down today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI dropped towards $58 level. Today's range $59.9 -58.
  
• WTI failed to break the dojis.
  
  
• Target for the downside is coming around $50-51/barrel if doji high is not taken out at $62.7. A break above could push prices as high as $70/barrel.
  
  
• Crude stock shank by 1.8 million barrels, lower than what market was expecting.
  
  
• WTI is currently trading at $58/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent dropped as there seems to be no indication of production cut from OPEC.

• Brent-WTI lost flat today, currently trading at $4/barrel.

• Target is coming around $55/barrel, since doji high is not taken out.

• Brent is trading at $64.8/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas jumped sharply from target area, after reaching as low as $2.55/mmbtu.
                                                      
• EIA inventory showed further gains of 132 billion cubic feet, higher than estimate.
  
  
• Price target for bulls are coming close to $3.5/mmbtu, should support at $2.45 holds.
  
  
• Natural Gas is currently trading at $2.63/mmbtu. Immediate support lies at $2.45 area & resistance at $2.8, $3.04, $3.32.