October Crude Oil closed down 2.56 at 69.48. This was 0.52 up from the low and 2.72 off the high.
October Heating Oil closed down 8.09 at 174.70. This was 0.49 up from the low and 8.10 off the high.
October RBOB Gasoline finished down 8.17 at 175.07, 8.58 off the high and 1.22 up from the low.
October Natural Gas finished down 0.17 at 3.61, 0.18 off the high and 0.08 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/22/2009: The close under the 60-day moving average indicates the longer-term trend could be turning down. Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The defensive setup, with the close under the 2nd swing support, could cause some early weakness. The near-term upside target is at 73.27. The next area of resistance is around 71.09 and 73.27, while 1st support hits today at 67.86 and below there at 66.79.
RBOB GAS (OCT) 09/22/2009: The close below the 60-day moving average is an indication the longer-term trend has turned down. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The close below the 18-day moving average is an indication the intermediate-term trend has turned down. The close below the 2nd swing support number puts the market on the defensive. The near-term upside target is at 186.71. The next area of resistance is around 179.97 and 186.71, while 1st support hits today at 170.17 and below there at 167.11.
HEATING OIL (OCT) 09/22/2009: The market back below the 60-day moving average suggests the longer-term trend could be turning down. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The defensive setup, with the close under the 2nd swing support, could cause some early weakness. The next upside objective is 185.19. The next area of resistance is around 178.99 and 185.19, while 1st support hits today at 170.41 and below there at 168.02.
October Heating Oil closed down 8.09 at 174.70. This was 0.49 up from the low and 8.10 off the high.
October RBOB Gasoline finished down 8.17 at 175.07, 8.58 off the high and 1.22 up from the low.
October Natural Gas finished down 0.17 at 3.61, 0.18 off the high and 0.08 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/22/2009: The close under the 60-day moving average indicates the longer-term trend could be turning down. Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The defensive setup, with the close under the 2nd swing support, could cause some early weakness. The near-term upside target is at 73.27. The next area of resistance is around 71.09 and 73.27, while 1st support hits today at 67.86 and below there at 66.79.
RBOB GAS (OCT) 09/22/2009: The close below the 60-day moving average is an indication the longer-term trend has turned down. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The close below the 18-day moving average is an indication the intermediate-term trend has turned down. The close below the 2nd swing support number puts the market on the defensive. The near-term upside target is at 186.71. The next area of resistance is around 179.97 and 186.71, while 1st support hits today at 170.17 and below there at 167.11.
HEATING OIL (OCT) 09/22/2009: The market back below the 60-day moving average suggests the longer-term trend could be turning down. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The defensive setup, with the close under the 2nd swing support, could cause some early weakness. The next upside objective is 185.19. The next area of resistance is around 178.99 and 185.19, while 1st support hits today at 170.41 and below there at 168.02.
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