Commodities snapshot (energy)

Energy pack is down amid stronger dollar. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI once again failed to break the range and dropped after testing upper range. Today's range $59.8-61.6
  
• 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 $59.8/barrel. Immediate support lies at $56-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent continuing its range trade as supply remains large still. Today's range $65.1- 62.9.

• Brent-WTI spread lost 10 cents today, currently trading at $3.2/barrel.

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

• Brent is trading at $63/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas is taking support around $2.7/mmbtu, after bulls failed to break above $2.95 resistance area.
         
• Natural gas might drop further, as bulls lost their grip. Focus is on inventory report tomorrow.
  
  
• Natural Gas is currently trading at $2.75/mmbtu. Immediate support lies at $2.45 area & resistance at $2.93, $3.04, $3.32.