Commodities snapshot (energy)

Energy pack is down sharply today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI further dropped as 8 week range got broken to downside last week. Today's range $53.4-50.5
  
• Target for the downside is reached around $50-51/barrel, a fall towards $42 seems likely
  
  
• WTI is currently trading at $50.9/barrel. Immediate support lies at $51.2-50 and resistance at $54

Oil (Brent) -

• Brent dropped further as support around $61 got cleared last week. Approaching Iran deal is weighing on price.

• Brent-WTI spread gained 60 cents today, currently trading at $4.7/barrel. Spread might rise faster if Iran deal remains eluded beyond 9^th July, whereas a deal might contract the spread further.

• Today negotiators missed another deadline, but a deal seems likely n coming days.

• Target is reached around $55/barrel, and next target is around $51/barrel. Small booking can be done.

• Brent is trading at $55.3/barrel. Immediate support lies at $55 area and resistance at $59 region.

Natural Gas -

• Natural gas is down as advance was against halted around $2.8 area. Bears are testing support area at $2.7
 
• Natural Gas is currently trading at $2.7/mmbtu. Immediate support lies at $2.7, $2.45 area & resistance at $2.85, $2.93, $3.04, $3.32.