Technically Speaking

Brent Crude Oil: The spot-month contract closed $2.66 lower. The secondary (intermediate-term) trend remains is sideways to down. The spot-month contract is testing support at $110.85, a price that marks the 38.2% retracement level of the previous rally from $104.62 through the recent high of $115.71. Given the recent weakening of the inverse in the nearby futures spread (a less bullish commercial outlook), the market could test the 50% retracement level of $109.35 and possibly the 61.8% retracement level of $107.84.

Crude Oil: The spot-month contract closed $1.68 lower. The secondary (intermediate-term) trend on the weekly chart is sideways to down. The spot-month contract is moving toward support at $101.43, a price that marks the 38.2% retracement level of the previous rally from $91.24 through the recent high of $107.73. Weekly stochastics are neutral to bearish.

Distillates: The spot-month contract closed 6.92cts lower. The secondary (intermediate-term) trend is sideways to down. The spot-month contract has fallen below support at $2.9317, a price that marks the 61.8% retracement level of the previous rally from $2.8455 through the recent high of $3.0711. Weekly stochastics are neutral to bearish.

Gasoline: The spot-month contract closed 7.90cts lower. Despite the lower weekly close the secondary (intermediate-term) trend remains sideways to up. While well off its recent high of $3.1520, the spot-month contract continues to hold above trendline support at $2.9557 and retracement (38.2%) at $2.9008. Weekly stochastics are neutral.

Natural Gas: The spot-month contract closed 0.3ct lower. The secondary (intermediate-term) trend remains sideways. The spot-month contract is testing support between $4.414 and $4.249, prices that mark the 61.8% and 67% retracement levels respectively of the previous uptrend from $3.129 through the high of $6.493. Weekly stochastics are neutral.