Technically Speaking

Brent Crude Oil: The spot-month contract closed $2.69 higher at $60.44. The market returned to minor (short-term), secondary (intermediate-term), and major (long-term) uptrends on its charts last week. Next major resistance is at $65.80, a price that marks the 38.2% retracement level of the previous downtrend from $128.40 (March 2012) through the low of $27.10 (January 2016).

Crude Oil: The spot-month contract closed $2.43 higher at $53.90. The market returned to minor (short-term), secondary (intermediate-term), and major (long-term) uptrends on its charts last week. Next major resistance is at $55.61, a price that marks the 33% retracement level of the previous downtrend from $114.83 (May 2011) through the low of $26.05 (February 2016).

Distillates: The spot-month contract closed 6.17cts higher at $1.8669. The market returned to minor (short-term), secondary (intermediate-term), and major (long-term) uptrends on its charts last week. Next major resistance is at $2.1094, a price that marks the 50% retracement level of the previous downtrend from $3.3700 (January 2014) through the low of $0.8487 (January 2016).

Gasoline: RBOB gasoline futures market closed 9.05cts higher at $1.7686. The secondary (intermediate-term) trend remains sideways-to-up with last week's high of $1.7757 a new 4-week high. Channel resistance is calculated this week at $1.8369.

Ethanol: The spot-month contract closed 0.9ct higher at $1.395. With the nearby futures contract holding above its previous low this past week, the market may have seen its secondary (intermediate-term) trend turn sideways. With support at the previous week's low of $1.384, ethanol could be nearing a turn to an uptrend as weekly stochastics are in position for a bullish crossover below the oversold level of 20%.

Natural Gas: The spot-month contract closed 16.3cts lower at $2.752. The secondary (intermediate-term) trend remains sideways between resistance at $3.084 and support at $2.803. Last Friday's close below support at the expiration of the November contract needs to be discounted for now.

Propane (Conway cash price): Conway propane closed 6.62cts higher at $0.9300. Cash propane returned to a secondary (intermediate-term) uptrend on its weekly chart, moving to a new high of $0.9325. Next major (long-term) resistance is at $1.0126 on its monthly chart.

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