Commodities snapshot (energy)

Energy performance down once again today. Weekly performance at a glance in chart & table 

Oil (WTI) -

• WTI is down 1.5% today, after yesterday's gain of nearly 4.5%. WTI is struggling to break above $50/ barrel.
  
  
• Price is making triangle price pattern. Breakout could be imminent. Tomorrow's NFP report might provide guidance.
  
  
• Target to the downside around $45. Bias is downwards, however higher volatility will remain concern. Tomorrow could become breakout day over NFP report, volume would be thinner over Easter.
  
  
• WTI is currently trading at $49.3/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.
  
  
• $50 would continue to pose resistance.

Oil (Brent) -

• Brent bigger looser than WTI today as possibility of an Iran deal looms.

• Brent-WTI spread dropped sharply, trading at $ 5.7/barrel. It still remains on weaker side and might shrink further.

• Brent is trading at $55/barrel, down 3% today. Bias is still downwards. Immediate support lies at 53 & resistance at 59.6-60.

Natural Gas -

• Natural gas has bounced back from $2.58/mmbtu, after EIA report showed surprise inventory shrinkage.

• EIA inventory came at negative 18 billion cubic feet.

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

• Natural Gas is currently trading at 2.7/mmbtu, up 4.2% today. Immediate support lies at 2.55 & resistance at 2.74, 2.81