Technically Speaking

Brent Crude Oil: The spot-month contract closed $3.73 lower at $33.55. The secondary (intermediate-term) trend turned down again as the spot-month contract moved to a new major (long-term) low of $32.16. This is the lowest the market has been since April 2004.

Crude Oil: The spot-month contract closed $3.88 lower at $33.16. The secondary (intermediate-term) trend turned down again as the spot-month contract moved to a new major (long-term) low of $32.10. This is the lowest the market has been since December 2003.

Distillates: The spot-month contract closed 4.86cts lower at $1.0521. The secondary (intermediate-term) trend turned down again as the spot-month contract moved to a new major (long-term) low of $1.0347. This is the lowest the market has been since July 2004.

Gasoline: The spot-month contract closed 13.94cts lower at $1.1277. The secondary (intermediate-term) trend turned down again as the spot-month contract moved to a new major (long-term) low of $1.1125. This is the lowest the market has been since February 2009.

Ethanol: The spot-month contract closed 6.5cts lower at $1.335. The secondary (intermediate-term) trend turned down again though the spot-month contract continues to hold above the previous low of $1.292. Last week's low was $1.305. Weekly stochastics are below the oversold level of 20%.

Natural Gas: The spot-month contract closed 13.5cts higher at $2.472. The secondary (intermediate-term) trend remains up. The next target upside target is $2.819, a price that marks the 23.6% retracement level of the previous downtrend from $6.493 through the low of $1.684.

Propane (Conway cash price): Conway propane closed 4.38cts lower at $0.2900. The secondary (intermediate-term) trend turned down again though the spot-month contract continues to hold the major (long-term) low of $0.2675.

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