Commodities snapshot (energy)

Energy pack is trading in red. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI has weakened significantly and more after the release of EIA crude inventory. Today's range $59.1-57.7
  
• 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.
  
  
• EIA inventory report showed stocks rose by 2.4 million barrels to 465.4 million.
  
  
• WTI is currently trading at $57.6/barrel. Immediate support lies at $56-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent is relatively better performer than WTI, however tensions over Iran deal is weighing on price. Today's range $62.3-63.5

• Brent-WTI spread gained 70 cents today, currently trading at $4.5/barrel. Spread might rise faster id Iran deal remains eluded beyond 9^th July.

• 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 $62.5/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas assaulted and traded above $2.85/mmbtu area, however so far failed to sustain it. Price might target $3.1/mmbtu and $3.5/mmbtu area if support holds at $2.7 and $2.45/mmbtu.
  
  
• Natural Gas is currently trading at $2.79/mmbtu. Immediate support lies at $2.7, $2.45 area & resistance at $2.85, $2.93, $3.04, $3.32.