Brent Crude Oil: The spot-month contract closed $0.58 higher at $57.75. The spot-month contract continues to trade between resistance at $55.47 and $59.59, prices that mark the 67% and 76.4% retracement levels of the previous downtrend from $69.63 through the low of $27.10. The secondary trend still looks to be down following the bearish crossover by weekly stochastics above the overbought level of 80% the week of September 25. Initial support remains at $51.85.
Crude Oil: The spot-month contract closed $0.39 higher at $51.84. Similar to Brent crude, WTI is trading between resistance at $50.42 and $53.96, prices that mark the 67% and 76.4% retracement levels of the previous downtrend from $62.58 through the low of $26.05. However, a test of the previous high of $55.24 is possible given weekly stochastics remain bullish.
Distillates: The spot-month contract closed 0.82ct higher at $1.8052. Despite another higher weekly close the market's secondary (intermediate-term) trend remains down. Resistance remains at the recent high of $1.8646 with initial support at $1.6248.
Gasoline: RBOB gasoline futures market closed 5.59cts higher at $1.6781. The secondary (intermediate-term) trend still looks to be sideways on the market's weekly close-only chart. Resistance is at $1.7479 (close the week of August 28) with support at $1.4341 (close the week of June 19).
Ethanol: The spot-month contract closed 4.5cts lower at $1.386. The market's secondary (intermediate-term) trend remains down. Weekly stochastics are bearish but not in position for a bullish crossover below the oversold level of 20%.
Natural Gas: The spot-month contract closed 8.5cts lower at $2.915. The secondary (intermediate-term) trend remains sideways between resistance at $3.084 and support at $2.803.
Propane (Conway cash price): Conway propane closed 4.00cts lower at $0.8638. Cash propane remains in a secondary (intermediate-term) downtrend. Initial support is at $0.8322, a price that marks the 23.6% retracement level of the uptrend from $0.5288 through the $0.9263 high
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