Commodities snapshot (energy)

Energy pack is having another positive day. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI made lower high today, clinging away once more from the doji high. Today's range $61.6 -60.4.
  
• 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.
  
  
• Yesterday, EIA report showed crude inventory decreased by 6.8 million barrels.
  
  
• WTI is currently trading at $60.7/barrel. Immediate support lies at $56-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent is struggling similar to WTI to break free of the range. Today's range $66.1- 64.7

• Brent-WTI spread lost 20 cents, currently trading at $4.3/barrel.

• 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 $65/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas came a long way from the low around $2.55/mmbtu, now faces crucial test over inventory report. It is no doubt, if inventory rise lower than expected it would push prices higher, however if price can rise even if inventory moves up, then it would surely rise further to reach the long awaited target.
  
  
• Price tested the resistance around $2.93 once again today.
  
  
• Price target for bulls are coming close to $3.5/mmbtu, should support at $2.45 holds.
  
  
• Natural Gas is currently trading at $2.88/mmbtu. Immediate support lies at $2.45 area & resistance at $2.93, $3.04, $3.32.