Commodities snapshot (energy)

Energy pack is trading in green today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI has bounced back from $56.7 as crude stock surprisingly decreased for fourth consecutive week.
  
• WTI still remains vulnerable but might challenge the dojis.
  
  
• Target for the downside is coming around $50-51/barrel if doji high is not taken out at $62.7.
  
  
• WTI is currently trading at $59.1/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent has moved higher similar to WTI, but better performer.

• Brent-WTI gained 60 cents today, currently trading at $5.3/barrel. Brent is at crucial support.

• Target is coming around $55/barrel, if the high is not taken out.

• Brent is trading at $64.4/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas dipped further as inventory rose higher than expected.
  
  
• Price has almost reached initial target of $2.62. Partial booking is suggested before weekend close.
  
  
• Price target for bulls are coming close to $3.5/mmbtu, should support at $2.45 holds. Averaging it as low as possible would diminish risk.
  
  
• Natural Gas is currently trading at $2.65/mmbtu. Immediate support lies at $2.78, $2.68 area & resistance at $3.04, $3.32.