Commodities snapshot (energy)

Energy pack is sharply up today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI seems ready to challenge doji high around $63 and move higher. Today's range $60.2 -58.2.
  
• 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. $75/barrel remains next target.
  
  
• WTI is currently trading at $60/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent sharply up today, pushing inflation expectations higher.

• Brent-WTI gained 60 cents, currently trading at $4.8/barrel. Further rise seems likely.

• Target is coming around $55/barrel, is doji high is not taken out. A break would push it towards $80/barrel.

• 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 bounced back sharply as target to the downside was completed. Focus is now on upside target. We have long been calling for $3.5/mmbtu.
                                                              
• Focus is on next inventory report.
  
  
• Price target for bulls are coming close to $3.5/mmbtu, should support at $2.45 holds.
  
  
• Natural Gas is currently trading at $2.82/mmbtu. Immediate support lies at $2.45 area & resistance at $2.86, $3.04, $3.32.