Technically Speaking

Brent Crude Oil: The spot-month contract closed $4.61 lower at $28.94. The major (long-term) trend remains down with the spot-month contract posting a new low of $29.82 last week. This has the market at its lowest level since February 2004 (low of $28.70).

Crude Oil: The spot-month contract closed $3.74 lower at $29.42. The major (long-term) trend remains down with the spot-month contract posting a new low of $29.13 last week. This put the market at its lowest level since November 2003 (low of $28.47).

Distillates: The spot-month contract closed 11.78cts lower at $0.9343. The market extended its major (long-term) downtrend with the spot-month contract posting a new low of $0.9328 last week. This has the market at its lowest level since April 2004 (low of $0.8150).

Gasoline: The spot-month contract closed 10.65cts lower at $1.0212. The market extended its major (long-term) downtrend with the spot-month contract posting a new low of $1.0154 last week. This put the market at its lowest level since December 2008 (low of $0.7927).

Ethanol: The spot-month contract closed 1.5cts higher at $1.350. The secondary (intermediate-term) trend is sideways as the spot-month contract continues to hold above the previous low of $1.292. Last week's low was $1.296 before rallying. Weekly stochastics remain below the oversold level of 20%.

Natural Gas: The spot-month contract closed 37.2cts lower at $2.100. While the secondary (intermediate-term) trend remains up the minor (short-term) trend turned down. Next minor support is $2.09, the 50% retracement level of the previous minor uptrend. The 67% retracement level is down at $1.954.

Propane (Conway cash price): Conway propane closed 2.25cts lower at $0.2675. The secondary (intermediate-term) trend turned down as the market posted a new major (long-term) low of $0.2525 last week.

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