Commodities snapshot (energy)

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

Oil (WTI) -

• WTI further dropped as 8 week range got broken to downside. Today's range $56.8-56.2
  
• Target for the downside is coming around $50-51/barrel, a fall towards $42 seems likely
  
  
• WTI is currently trading at $53.5/barrel. Immediate support lies at $51.2-50 and resistance at $57

Oil (Brent) -

• Brent dropped as support around $61 got cleared last week. Approaching Iran deal is weighing on price.

• Brent-WTI spread lost 90 cents today, currently trading at $4.1/barrel. Spread might rise faster if Iran deal remains eluded beyond 9^th July, whereas a deal might contract the spread further.

• Target is coming around $55/barrel, and next target is around $51/barrel

• Brent is trading at $57.6/barrel. Immediate support lies at $55 area and resistance at $ 65 region.

Natural Gas -

• Natural gas found support around $2.7/mmbtu area once more, however bulls need to clear above $2.85 resistance zone for further advance.
  
  
• Natural Gas is currently trading at $2.77/mmbtu. Immediate support lies at $2.7, $2.45 area & resistance at $2.85, $2.93, $3.04, $3.32.