October Crude Oil closed up 1.39 at 72.32. This was 2.18 up from the low and 0.24 off the high.
October Heating Oil closed up 3.94 at 181.95. This was 6.61 up from the low and 0.85 off the high.
October RBOB Gasoline finished up 5.38 at 184.30, 0.70 off the high and 7.66 up from the low.
October Natural Gas finished up 0.45 at 3.77, 0.03 off the high and 0.41 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/17/2009: Momentum studies are trending higher from mid-range,
which should support a move higher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. Market positioning is positive with the close over the 1st swing resistance. The next upside target is 74.26. The next area of resistance is around 73.54 and 74.26, while 1st support hits today at 71.12 and below there at 69.42.
RBOB GAS (OCT) 09/17/2009: The daily stochastics have crossed over up which is a bullish indication. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The intermediate trend could be turning up with the close back above the 18-day moving average. The market setup is upportive for early gains with the close over the 1st swing resistance. The next upside objective is 190.96. The next area of resistance is around 188.56 and 190.96, while 1st support hits today at 180.20 and below there at 174.24.
HEATING OIL (OCT) 09/17/2009: The cross over and close above the 60-day moving average is an indication the longer-term trend has turned positive. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The cross over and close above the 18-day moving average indicates the intermediate-term trend has turned up. Market positioning is positive with the close over the 1st swing resistance. The next upside target is 187.99. The next area of resistance is around 185.73 and 187.99, while 1st support hits today at 178.27 and below there at 173.08.
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