Commodities snapshot (energy)

Energy pack is facing sellers at rallies. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI likely to maintain downside as 8 week range got broken to downside last week.
  
• WTI bounced back from support area around $50, likely to drop further. Today's range $53-50.9
  
• Target for the downside is reached around $50-51/barrel, a fall towards $42 seems likely.
  
  
• WTI is currently trading at $51.2/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 has bounced back from support area of $55, though further drop is likely.

• Brent-WTI spread gained 60 cents today, currently trading at $5.2/barrel. Spread might rise faster if Iran deal remains eluded beyond 9^th July, whereas a deal might contract the spread further.

• Target is reached around $55/barrel, and next target is around $51/barrel.
  
  
• Brent is trading at $56.4/barrel. Immediate support lies at $55 area and resistance at $59 region.

Natural Gas -

• Natural gas is likely to drop further as Bulls failed to clear resistance at $2.85.
  
  
• 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.