Commodities snapshot (energy)

Energy pack is having another positive day. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI seems ready to challenge doji high around $63 and move higher. Today's range $61.8 -60.4.
  
• Target for the downside is coming around $50-51/barrel if doji high is not taken out at $62.7. A break above could push prices as high as $70/barrel. $75/barrel remains next target.
  
  
• WTI is currently trading at $61.5/barrel. Immediate support lies at $56-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent is up amid weaker dollar today.

• Brent-WTI spread lost 30 cents, currently trading at $4.5/barrel.

• Target is coming around $55/barrel, is doji high is not taken out. A break would push it towards $80/barrel.

• Brent is trading at $65/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas gained further sharply, however rally was halted around $2.93/mmbtu. Price might await tomorrow's inventory report before moving higher. We have long been calling for $3.5/mmbtu.
    
• Price target for bulls are coming close to $3.5/mmbtu, should support at $2.45 holds.
  
  
• Natural Gas is currently trading at $2.84/mmbtu. Immediate support lies at $2.45 area & resistance at $2.93, $3.04, $3.32.