Commodities snapshot (energy)

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

Oil (WTI) -

• WTI further dropped as rigs count increased in US for first time since December. Today's range $56.8-56.2
  
• Target for the downside is coming
  around $50-51/barrel. WTI is on its way to weakest close in 9 weeks.
  
  
• WTI is currently trading at $56.3/barrel. Immediate support lies at $56-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent is holding on to support as WTI dropped. However is likely to break. Today's range $61.3-62

• Brent-WTI spread lost 20 cents today, currently trading at $5/barrel. Spread might rise faster if Iran deal remains eluded beyond 9^th July.

• Target is coming around $55/barrel, since doji high is not taken out for that Brent needs to break below $61.

• Brent is trading at $61.3/barrel. Immediate support lies at 61.8-61.3 area and resistance at $ 65 region.

Natural Gas -

• Natural failed to clear resistance at $2.85 resistance. Price might drop since resistance was maintained.
  
  
• EIA report showed inventory rose by only 69 billion cubic feet.
  
  
• 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.