Technically Speaking

Brent Crude Oil: The spot-month contract closed $1.84 higher at $55.62. The market's secondary (intermediate-term) trend remains sideways. Resistance remains at $55.47, a price that marks the 67% retracement level of the previous downtrend from $69.63 through the low of $27.10. The 76% retracement mark is up at $59.59. Weekly stochastics are well above the overbought level of 80%, in position for a possible bearish crossover.

Crude Oil: The spot-month contract closed $2.41 higher at $49.89. The market's secondary (intermediate-term) trend remains sideways. Resistance is at $50.42, a price that marks the 67% retracement level of the previous downtrend from $62.58 through the low of $26.05. Support remains near $44.09, then $40.65.

Distillates: The spot-month contract closed 3.31cts higher at $1.7988. The market extended its secondary (intermediate-term) uptrend last week as the spot-month contract posted a new high of $1.8016. Major (long-term) resistance on the monthly chart is at $1.8118. Both weekly and monthly stochastics are above the overbought 80% level.

Gasoline: RBOB gasoline futures market closed 1.41cts higher at $1.6617. Using the market's weekly close-only chart, RBOB gasoline remains in a secondary (intermediate-term) sideways trend. Resistance is at $1.7587 with support at $1.4342.

Ethanol: The spot-month contract closed 1.0ct higher at $1.545. The market's secondary (intermediate-term) trend remains sideways with support at the double-bottom low near $1.43. Resistance is at $1.632. Weekly stochastics are neutral. The nearby contract posted a bearish outside week, offsetting the bullish outside pattern from the week before.

Natural Gas: The spot-month contract closed 13.4cts higher at $3.024. The secondary (intermediate-term) trend still looks to be sideways as the spot-month contract holds below resistance at $3.084. Initial support is at the recent low of $2.753.

Propane (Conway cash price): Conway propane closed 6.37cts higher at $0.8550. Cash propane's extended its secondary (intermediate-term) uptrend again last week. Next resistance is the high of $0.9100, meaning a 100% retracement of the previous secondary downtrend. Weekly stochastics are near 100% indicating a sharply overbought situation.

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