Energy Market Summary For Monday

Crude oil closed down $2.36 at $64.37 a barrel today. Prices closed near mid range and did hit a fresh six week low. The market was pressured again by concerns about a weak U.S. economy after last Thursday's jobs report. The bulls are fading badly.

Heating oil closed down 656 points at $1.6360 today. Prices closed near the session low and hit a fresh six week low today. Bulls are fading badly.

Unleaded gasoline closed down 408 points at $1.7500 today. Prices closed near the session low and hit a fresh six week low today. Bulls are fading badly.

Natural gas closed down 11.3 cents at $3.502 today. Prices closed near mid range and hit a fresh contract low today. Bears are in firm technical control again.

Today’s Stock Market Club Trading Triangles

No Crude Oil Chart Damage, Bulls Still Have Near Term Advantage

Crude oil closed lower, down $1.44 at $70.60 a barrel today. Prices closed nearer the session low on profit taking pressure. But no chart damage occurred today. A solidly higher U.S. dollar and lower stock indexes pressured crude oil today and crude oil bulls still have the near term technical advantage. A seven week old uptrend is still in place on the daily bar chart.

Natural gas closed up 32.4 cents at $4.181 today. Prices closed nearer the session high today on more short covering and fresh speculative buying. The key "outside markets" were fully bearish for the natural gas futures market today, as the U.S. stock indexes were sharply lower and crude oil prices were lower. Yet, natural gas rallied anyway, which is a bullish clue. Bears still have the overall near term technical advantage.

Today’s Stock Market Club Trading Triangles

July heating oil closed down 216 points at $1.8159 today. Prices closed near mid range today and were pressured on profit taking. Bulls still have the near term technical advantage.

Unleaded gasoline closed up 162 points at $2.0593 today. Prices closed near the session high today. Bulls still have the solid near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.15