Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $5.07 lower at $37.93. The secondary (intermediate-term) trend turned down as the spot-month contract posted a new major (long-term) low of $37.36. Weekly stochastics are bearish below the oversold level of 20%.

Crude Oil: The spot-month contract closed $4.35 lower at $35.62. The secondary (intermediate-term) trend is down as the spot-month contract moved to a new major (long-term) low of $35.16. Weekly stochastics are bearish below the oversold level of 20%.

Distillates: The spot-month contract closed 19.68cts lower at $1.1456. The secondary (intermediate-term) trend remains down with the spot-month contract posting a new major (long-term) low of $1.1367. Weekly stochastics remain bearish below the oversold level of 20%.

Gasoline: The spot-month contract closed 1.13cts higher at $1.2815. The secondary (intermediate-term) trend remains sideways. However, the higher weekly close after moving to a new low of $1.1956 could signal a spike reversal on the weekly chart.

Ethanol: The spot-month contract closed 5.4cts lower at $1.455. The secondary (intermediate-term) trend remains sideways with initial resistance at the 4-week high of $1.533, then $1.620. Support remains at the recent low of $1.430.

Natural Gas: The spot-month contract closed 19.6cts lower at $1.990. The secondary (intermediate-term) trend remains sideways. Support is at the major (long-term) low $1.948 while resistance is at the 4-week high of $2.46. Weekly stochastics are neutral above the oversold level of 20%.

Propane (Conway cash price): Conway propane closed 4.25cts lower at $0.3213. The secondary (intermediate-term) trend remains sideways-to-down. Next support is at $0.3153, a price that marks the 76.4% level of the previous rally from $0.2675 through the $0.47000 high. Weekly stochastics are neutral-to-bearish.

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