Commodities snapshot (energy)

Energy segment is once again hit by selling as prices failed to break above key resistance last week. Weekly performance at a glance in chart & table 

Oil (WTI) -

• WTI fell close to -1.5% today, as supply remains of greater concern than Middle East tension.
  
  
• WTI might continue to tread waters until further clarity appears.
  
  
• Bulls are retracing after reaching first bullish target of $51 and just short of second target at $54 last week.
  
  
• Target to the downside is coming around $45.
  
  
• WTI is currently trading at $48.25/barrel. Immediate support lies at 47.5-47, 44-43.7 and resistance at 51.7-52.1, 54-54.5, 58.7-59.2.

Oil (Brent) -

• Brent fell but performed worse than WTI.

• Brent-WTI spread narrowed after since last week, trading at $ 7.2/barrel, might go further down if Iran deal come out successful.

• Brent is trading at $55.4/barrel, down -1.35% today. Bias is downwards. Immediate support lies at 53 & resistance at 59.6-60.

Natural Gas -

• Natural gas is trading near range low. Price is lacking direction.

• Price pattern suggests that prices might drop down towards $2.44/mmbtu.

• Approaching summer is weighing on price, however talks of higher intake by power producers has kept the price supported.

• Natural Gas is currently trading at 2.65/mmbtu, flat today. Immediate support lies at 2.65, 2.55 & resistance at 2.74, 2.91, and 3.02.