Technically Speaking
Weekly Analysis: Energy Markets
Brent Crude Oil: The spot-month contract closed $1.05 lower at $36.88. The secondary (intermediate-term) trend remains down as the spot-month contract posted a new major (long-term) low of $36.33. Weekly stochastics are bearish below the oversold level of 20%.
Crude Oil: The spot-month contract closed $0.89 lower at $34.73. The secondary (intermediate-term) trend is down as the spot-month contract moved to a new major (long-term) low of $34.29. Weekly stochastics are bearish below the oversold level of 20%.
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Distillates: The spot-month contract closed 3.85cts lower at $1.1071. The secondary (intermediate-term) trend remains down with the spot-month contract posting a new major (long-term) low of $1.0874. Weekly stochastics remain bearish below the oversold level of 20%.
Gasoline: The spot-month contract closed 0.69ct lower at $1.2746. The secondary (intermediate-term) trend remains sideways. However, weekly stochastics continue to indicate momentum is growing more bullish.
Ethanol: The spot-month contract closed 5.6cts lower at $1.399. The secondary (intermediate-term) trend is sideways-to-down as the spot-month contract moved below initial support at $1.43. Next support is at the major (long-term) low of $1.292 (January 2015).
Natural Gas: The spot-month contract closed 22.3cts lower at $1.767. The secondary (intermediate-term) trend is down as the spot-month contract moved to a new major (long-term) low of $1.684. This was the lowest price level since March 1999. Weekly stochastics have not yet crossed below the oversold level of 20%.
Propane (Conway cash price): Conway propane closed 2.25cts lower at $0.2988. The secondary (intermediate-term) trend is down with next support at the major (long-term) low of $0.2675 (June 2015). Weekly stochastics have moved below the oversold level of 20%.
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