Technically Speaking

Brent Crude Oil: The spot-month contract closed $1.03 higher at $53.78. 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. Initial support is at the 4-week low of $50.00.

Crude Oil: The spot-month contract closed $0.19 higher at $47.48. The market's secondary (intermediate-term) trend remains sideways-to-down. 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 1.89cts higher at $1.757. The market's secondary (intermediate-term) trend turned up last week as the spot-month contract closed above the previous high of $1.7647. 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 10.03cts lower at $1.6476. 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 2.1cts lower at $1.535. 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 18.0cts lower at $2.890. The secondary (intermediate-term) trend still looks to be sideways as the spot-month contract fell back from its test of resistance at $3.084. Initial support is at the 4-week low of $2.849, then $2.753, and finally $2.521.

Propane (Conway cash price): Conway propane closed 2.38cts higher at $0.7913. Cash propane's extended its secondary (intermediate-term) uptrend. Resistance remains between $0.7838 and $0.8197, prices that mark the 67% and 76.4% retracement levels of the previous downtrend from $0.9100 through the low of $0.5275. Weekly stochastics are approaching 100% indicating a sharply overbought situation.

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