Commodities snapshot (energy)

Energy pack suffering from sell offs today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI traded in high volatility today. Today's range $46.7-44.9
  
• WTI is likely to fall towards $42 area. The drop might extend below $40 area. $45 got broken today.
  
  
• WTI is currently trading at $45/barrel. Immediate support lies at $42 and resistance at $54

Oil (Brent) -

• Brent's bounce back above $50/barrel proved to be short lived as price plunged sharply.
• Brent-WTI spread rose by 20 cents since last trading day, currently trading at $4.2/barrel.

• Target for Brent is reached at $51-50 area. Likely to fall further.
  
  
• Brent is trading at $49.2/barrel. Immediate support lies at $45 area and resistance at $53 region.

Natural Gas -

• Natural gas posed a comeback from $2.7/mmbtu support area. Today's range $2.86-2.8.
  
  
• Price might reach as low as $2.35 if it clears $2.7 mark, whereas bulls might try to test $2.95 area.
  
  
• Focus is on FOMC on Friday and inventory report tomorrow.
  
  
• Natural Gas is currently trading at $2.8/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.95, $3.04, $3.32.