Commodities snapshot (energy)

Energy pack is down mixed today as oil is down and as is up. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI dropped further today as dollar remains relatively stronger. Today's range $59.4-60.5
  
• 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.
  
  
• This week inventory shrank by 4.9 million barrels but production rose to 9.6 million barrels per day.
  
  
• WTI is currently trading at $59.7/barrel. Immediate support lies at $56-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Iranian supply concern is hitting markets. Today's range $64- 62.7.

• Brent-WTI spread gained 10 cents today, currently trading at $3.3/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 $63.1/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas bounced back after taking support around $2.7/mmbtu, need to close above $2.85 area to maintain bullish momentum.
                  
• EIA report showed natural gas inventory rose by 75 billion cubic feet, lower than last week's 89 billion cubic feet.
  
  
• Natural Gas is currently trading at $2.79/mmbtu. Immediate support lies at $2.45 area & resistance at $2.93, $3.04, $3.32.