Technically Speaking

Brent Crude Oil: The spot-month contract closed $1.24 higher at $56.86. The market extended its recent rally last week, with the spot-month contract finishing near its weekly high of $56.91. Next secondary (intermediate-term) resistance is at $59.59, a price that marks the 76.4% retracement level of the previous downtrend from $69.63 through the low of $27.10. Major (long-term) resistance is at the January 2017 high of $58.37.

Crude Oil: The spot-month contract closed $0.77 higher at $50.66. The market's secondary (intermediate-term) trend remains sideways, though the spot-month contract was able to close above resistance at $50.42. This price marks the 67% retracement level of the previous downtrend from $62.58 through the low of $26.05. Major (long-term) resistance is at $52.13.

Distillates: The spot-month contract closed 1.75cts higher at $1.8163. Influence from the market's major (long-term) uptrend has pulled the market higher, with spot-month contract above major resistance at $1.8118. This price marks the 38.2% retracement level of the previous downtrend from $3.37 through the low of $0.8487. The 50% retracement mark is up at $2.1094.

Gasoline: RBOB gasoline futures market closed 0.67ct higher at $1.6684. There is no clear trend on any of RBOB gasoline's weekly charts. However, a possible head-and-shoulders top could be forming on the weekly close-only with the left shoulder peaking at $1.6761 and the head at $1.7479.

Ethanol: The spot-month contract closed 3.1cts lower at $1.514. 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.

Natural Gas: The spot-month contract closed 6.5cts lower at $2.959. 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 4.38cts higher at $0.8988. Cash propane extended its secondary (intermediate-term) uptrend again last week, approaching its previous high of $0.9100. Weekly stochastics are near 100% indicating a sharply overbought situation.

To track my thoughts on the markets throughout the day, follow me on Twitter: www.twitter.com\DarinNewsom