Technically Speaking

Brent Crude Oil: The spot-month contract closed $1.91 higher at $70.52. The market extended its secondary (intermediate-term) uptrend despite being sharply overbought. Support continues to come from the market's bullish forward curve. The major (long-term) trend on the market's monthly chart continues to override shorter-term bearish technical signals.

Crude Oil: The spot-month contract closed $2.77 higher at $66.14. The market extended its secondary (intermediate-term) uptrend despite being sharply overbought. Support continues to come from the market's bullish forward curve. The major (long-term) trend on the market's monthly chart continues to override shorter-term bearish technical signals.

Distillates: The spot-month contract closed 7.76cts higher at $2.1360. The market extended its secondary (intermediate-term) uptrend despite being sharply overbought. Support continues to come from the market's bullish forward curve. The major (long-term) trend on the market's monthly chart continues to override shorter-term bearish technical signals.

Gasoline: RBOB gasoline futures market closed 7.41cts higher at $1.9377. The market remains in a secondary (intermediate-term) uptrend. Weekly stochastics are well above 80% indicating a sharply overbought situation. The market is in a major (long-term) uptrend as well.

Ethanol: The spot-month contract closed 2.9cts higher at $1.361. The market remains in a secondary (intermediate-term) uptrend with initial resistance at $1.371. This price marks the 23.6% retracement level of the previous downtrend from $1.76 through the low of $1.251. Weekly stochastics remain bullish above the oversold level of 20%.

Natural Gas: The spot-month contract closed 32.0cts higher at $3.505. The market's secondary (intermediate-term) trend is up following last week's bullish breakout. Next major (long-term) resistance on the monthly chart is at $3.647.

Propane (Conway cash price): Conway propane closed 9.50cts lower at $0.7875. Cash propane remains in a secondary (intermediate-term) 3-wave downtrend, with this sell-off Wave C (third wave). Next support is at $0.7537 and $0.7004, prices that mark the 50% and 61.8% retracement levels of the previous uptrend from $0.5275 through the high of $0.9800. Weekly stochastics remain bearish above the overbought level of 20%.

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