Commodities snapshot (energy)

Selloffs continue in Energy segment as a whole though performance is diverging in today's trading. Weekly performance at a glance in chart & table -

• Oil (WTI) - WTI lost grounds after inventory report from EIA showed further gains in storage by 4.512 million barrels. WTI may lose further ground as key support got broken. Selloffs might push the price as low as $42/barrel. WTI is currently trading at $47.7/ barrel. Immediate support lies at 47, 42 and resistance at 49.2.

• Oil (Brent) - Supply concerns over Middle East continues to weigh on price. However Brent recovered some grounds especially against spreads in today's trading. Brent-WTI spread is trading at $ 9.5, after reaching below $8 this week. Price pattern suggests a move towards $ 53/barrel is likely as key support at 58 was broken. Brent is trading at $56.5/barrel. Immediate support lies at 53.2 & resistance at 59.

• Natural Gas - Natural gas, top gainer in today's trading as information suggests inventory tomorrow might fall more than expected. Natural Gas is currently trading at 2.83/mmbtu. Price range is squeezing, there might be breakout ahead. Immediate support lies at 2.65 & resistance at 2.87.