Commodities snapshot (energy)

Energy segment is trading in red today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI bulls are struggling since last week after days of advance.
  
• WTI carved bearish doji in weekly chart. Further downside remains open. RSI is also around 50 level resistance.
  
  
• WTI is currently trading at $59.2/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65. $58 may continue to provide some interim support.

Oil (Brent) -

• Brent rally soured last week with price carving very bearish gravestone doji in daily chart.

• Brent-WTI spread dropped further around 50 cents, currently trading at $5.6/barrel.
  
  
• Brent is trading at $64.7/barrel. Immediate support lies at $63.7-63.2, 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas has broken above resistance area however price is down over profit booking today.
  
• Downside bias has diminished significantly. Buy trades might be entered with small quantity.
  
  
• US department of Energy is allowing partial export of natural gas.
  
  
• However bulls seem to be strong and will push prices towards $3.5/mmbtu, should $2.45 holds. Immediate support is around $2.65 for the buy trade. Key resistance is at 3.04-3.12 area.
  
  
• Natural Gas is currently trading at 2.84/mmbtu. Immediate support lies at $2.65, $2.44 area & resistance at $2.86.