October Crude Oil closed up 1.84 at 71.55. This was 1.94 up from the low and 0.30 off the high.
October Heating Oil closed up 5.88 at 181.05. This was 5.57 up from the low and 0.88 off the high.
October RBOB Gasoline finished up 3.36 at 178.50, 1.45 off the high and 3.35 up from the low.
October Natural Gas finished up 0.08 at 3.66, 0.07 off the high and 0.15 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/23/2009: The cross over and close above the 40-day moving average is an indication the longer-term trend has turned positive. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The intermediate trend could be turning up with the close back above the 18-day moving average. A positive setup occurred with the close over the 1st swing resistance. The near-term upside target is at 73.38. The next area of resistance is around 72.67 and 73.38, while 1st support hits today at 70.43 and below there at 68.90.
RBOB GAS (OCT) 09/23/2009: Momentum studies are trending higher from mid-range,
which should support a move higher if resistance levels are penetrated. The close below the 9-day moving average is a negative short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The near-term upside target is at 182.82. The next area of resistance is around 180.90 and 182.82, while 1st support hits today at 176.10 and below there at 173.23.
HEATING OIL (OCT) 09/23/2009: Momentum studies are rising from mid-range, which
could accelerate a move higher if resistance levels are penetrated. The market now above the 18-day moving average suggests the intermediate-term trend has turned up. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next upside target is 186.31. The next area of resistance is around 184.24 and 186.31, while 1st support hits today at 177.80 and below there at 173.42.
October Heating Oil closed up 5.88 at 181.05. This was 5.57 up from the low and 0.88 off the high.
October RBOB Gasoline finished up 3.36 at 178.50, 1.45 off the high and 3.35 up from the low.
October Natural Gas finished up 0.08 at 3.66, 0.07 off the high and 0.15 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/23/2009: The cross over and close above the 40-day moving average is an indication the longer-term trend has turned positive. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The intermediate trend could be turning up with the close back above the 18-day moving average. A positive setup occurred with the close over the 1st swing resistance. The near-term upside target is at 73.38. The next area of resistance is around 72.67 and 73.38, while 1st support hits today at 70.43 and below there at 68.90.
RBOB GAS (OCT) 09/23/2009: Momentum studies are trending higher from mid-range,
which should support a move higher if resistance levels are penetrated. The close below the 9-day moving average is a negative short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The near-term upside target is at 182.82. The next area of resistance is around 180.90 and 182.82, while 1st support hits today at 176.10 and below there at 173.23.
HEATING OIL (OCT) 09/23/2009: Momentum studies are rising from mid-range, which
could accelerate a move higher if resistance levels are penetrated. The market now above the 18-day moving average suggests the intermediate-term trend has turned up. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next upside target is 186.31. The next area of resistance is around 184.24 and 186.31, while 1st support hits today at 177.80 and below there at 173.42.
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