Technically Speaking

Brent Crude Oil: The spot-month contract closed $1.55 higher at $57.17. 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 previous week. Initial support remains at $51.85.

Crude Oil: The spot-month contract closed $2.16 higher at $51.45. 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 are bullish.

Distillates: The spot-month contract closed 5.31cts higher at $1.7970. Despite the 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 6.34cts higher at $1.6222. 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 1.1cts higher at $1.431. Despite the higher weekly close the market's secondary (intermediate-term) trend remains down. Weekly stochastics remains bearish, but not in position for a bullish crossover below the oversold level of 20%.

Natural Gas: The spot-month contract closed 13.7cts higher at $3.000. The secondary (intermediate-term) trend remains sideways. However, last week's action established a bullish outside range on the market's weekly chart, indicating the minor (short-term) uptrend on its daily chart could gain momentum.

Propane (Conway cash price): Conway propane closed 1.63cts higher at $0.9038. Despite the higher weekly close, cash propane still looks to be in a secondary (intermediate-term) downtrend. Resistance is at the recent high of $0.9263 with initial support at $0.8322. The latter marks the 23.6% retracement level of the uptrend from $0.5288 through the $0.9197 high.

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