Commodities snapshot (energy)

Energy pack is mixed, while oil is up, gas is in red. 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 $53.5-51.5
  
• Target for the downside is reached around $50-51/barrel, a further fall towards $42 seems likely.
  
  
• WTI is currently trading at $52.7/barrel. Immediate support lies at $51.2-50 and resistance at $54

Oil (Brent) -

• Brent likely to maintain downside as support near $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 70 cents today, currently trading at $5.9/barrel. Spread rose as expected as Iran deal still remained elusive.

• Target is reached around $55/barrel, and next target is around $51/barrel.
  
  
• Brent is trading at $58.6/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 and bears have cleared $2.7 support area.
  
  
• Price target for Natural gas to downside is $2.55, $2.45 and $2.35 with stop around $2.85
  
  
• Natural Gas is currently trading at $2.67/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.85, $2.93, $3.04, $3.32.