Commodities snapshot (energy)

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

Oil (WTI) -

• WTI marginally down today, testing key level at $50/barrel.
  
• $54 area proved to be crucial resistance. Today's range $51.3-50.1
  
• WTI is likely to fall towards $42 area, once $50 support gets broken.
  
  
• WTI is currently trading at $50.5/barrel. Immediate support lies at $51.2-50 and resistance at $54

Oil (Brent) -

• Brent is treading water, supported by North Sea outage.
• Brent-WTI spread gained 30 cents today, currently trading at $6.3/barrel.

• Target has reached around $55/barrel, and next target is around $51/barrel.
  
  
• Brent is trading at $56.8/barrel. Immediate support lies at $55 area and resistance at $59/60 region.

Natural Gas -

• Natural gas bulls retreated after failing to clear resistance around $2.95/mmbtu area.
  
  
• A break above $2.95 area would push prices to first target of $3.1/mmbtu.
  
  
• Bullish Doji, in weekly chart remains in focus. However resistance at $2.95 is quite strong.
  
  
• Natural Gas is currently trading at $2.85/mmbtu. Immediate support lies at $2.55, $2.45 area & resistance at $2.95, $3.04, $3.32.