Commodities snapshot (energy)

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

Oil (WTI) -

• WTI is continuing its testing of key level at $50/barrel. Today's range $51.4-50
  
  
• WTI is likely to fall towards $42 area, once $50 support gets broken.
  
  
• WTI is currently trading at $50.7/barrel. Immediate support lies at $50 and resistance at $54

Oil (Brent) -

• Brent is continue trading water as Iran sanctions removal still remains elusive.
• Brent-WTI spread dropped by 20 cents today, currently trading at $6.1/barrel.

• Next target is around $51/barrel if support around $55/barrel gets cleared.
  
  
• Brent is trading at $56.8/barrel. Immediate support lies at $55 area and resistance at $59/60 region.

Natural Gas -

• Natural gas bulls are gaining today as dollar weakened today. Today's range $2.82-2.89.
  
  
• A break above $2.95 area would push prices to first target of $3.1/mmbtu. However a failure would push prices lower.
  
  
• Bullish Doji, in weekly chart remains in focus. However resistance at $2.95 is quite strong.
  
  
• Natural Gas is currently trading at $2.87/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.95, $3.04, $3.32.