Commodities snapshot (energy)

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

Oil (WTI) -

• WTI has broken key level at $50/barrel. Today's range $49-49.6
  
• WTI is likely to fall towards $42 area. The drop might extend below $40 area. $45 will serve as interim support.
  
  
• EIA report showed crude inventory rose by 2.5 million barrels.
  
  
• Sell WTI with stop around $53.5-54/barrel and target of $46 and $41.
  
  
• WTI is currently trading at $49.4/barrel. Immediate support lies at $50 and resistance at $54

Oil (Brent) -

• Brent is better performer than WTI, as congress sought to block Iran deal.
  
  
• Brent-WTI spread gained by 60 cents since yesterday, currently trading at $7/barrel.

• Next target is around $51/barrel if support around $55/barrel gets cleared.
  
  
• Brent is trading at $56.3/barrel. Immediate support lies at $55 area and resistance at $59/60 region.

Natural Gas -

• Natural gas bulls moved above $2.95 for first time in many days, however failed to decisively break bears. Today's range $2.87-2.955.
  
  
• EIA reported inventory rise by 69 billion cubic feet.
  
  
• A break above $2.95 area would push prices to first target of $3.1/mmbtu. However a failure would push prices lower.
   
• Natural Gas is currently trading at $2.89/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.95, $3.04, $3.32.