October Crude Oil closed down 2.66 at 69.28. This was 0.46 up from the low and 3.62 off the high.
October Heating Oil closed down 5.37 at 173.48. This was 1.80 up from the low and 7.47 off the high.
October RBOB Gasoline finished down 4.81 at 175.55, 8.07 off the high and 1.25 up from the low.
October Natural Gas finished down 0.26 at 3.00, 0.43 off the high and 0.07 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/14/2009: The market back below the 60-day moving average suggests the longer-term trend could be turning down. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The close under the 18-day moving average indicates the intermediate-term trend could be turning down. A negative signal was given by the outside day down. The market is in a bearish position with the close below the 2nd swing support number. The near-term upside objective is at 74.14. The next area of resistance is around 71.30 and 74.14, while 1st support hits today at 67.23 and below there at 65.99.
RBOB GAS (OCT) 09/14/2009: The market back below the 60-day moving average suggests
the longer-term trend could be turning down. Daily stochastics are trending lower but have declined into oversold territory. The market's short-term trend is negative as the close remains below the 9-day moving average. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside objective is now at 167.94. The next area of resistance is around 180.21 and 186.57, while 1st support hits today at 170.89 and below there
at 167.94.
HEATING OIL (OCT) 09/14/2009: A bearish signal was triggered on a crossover down
in the daily stochastics. Momentum studies are declining, but have fallen to oversold levels. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The defensive setup, with the close under the 2nd swing support, could cause some early weakness. The next downside objective is 165.63. The next area of resistance is around 178.11 and 184.16, while 1st support hits today at 168.85 and below there at 165.63.
October Heating Oil closed down 5.37 at 173.48. This was 1.80 up from the low and 7.47 off the high.
October RBOB Gasoline finished down 4.81 at 175.55, 8.07 off the high and 1.25 up from the low.
October Natural Gas finished down 0.26 at 3.00, 0.43 off the high and 0.07 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/14/2009: The market back below the 60-day moving average suggests the longer-term trend could be turning down. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The close under the 18-day moving average indicates the intermediate-term trend could be turning down. A negative signal was given by the outside day down. The market is in a bearish position with the close below the 2nd swing support number. The near-term upside objective is at 74.14. The next area of resistance is around 71.30 and 74.14, while 1st support hits today at 67.23 and below there at 65.99.
RBOB GAS (OCT) 09/14/2009: The market back below the 60-day moving average suggests
the longer-term trend could be turning down. Daily stochastics are trending lower but have declined into oversold territory. The market's short-term trend is negative as the close remains below the 9-day moving average. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside objective is now at 167.94. The next area of resistance is around 180.21 and 186.57, while 1st support hits today at 170.89 and below there
at 167.94.
HEATING OIL (OCT) 09/14/2009: A bearish signal was triggered on a crossover down
in the daily stochastics. Momentum studies are declining, but have fallen to oversold levels. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The defensive setup, with the close under the 2nd swing support, could cause some early weakness. The next downside objective is 165.63. The next area of resistance is around 178.11 and 184.16, while 1st support hits today at 168.85 and below there at 165.63.
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