Crude Oil Bulls Gain Technical Upside Momentum

Crude oil closed up $1.82 at $67.23 a barrel today. Prices closed near the session high and hit a fresh three week high today as bulls did gain some fresh upside technical momentum amid a rallying U.S. stock market. Bulls have the near term technical advantage. A two week old uptrend is in place on the daily bar chart.

Natural gas closed down 21.3 cents at $3.727 today. Prices closed nearer the session low. The bears are still in technical control and gained fresh downside momentum today. The fact that natural gas could not rally amid a general commodity market rally today is a bearish clue.

The U.S. dollar index closed up 9 points at 78.95 today. Prices closed nearer the session high in quieter trading. Short covering in a bear market was featured. Prices hit a fresh nine month low again today. Bears still have the overall near term technical advantage.

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Energy Market Commentary For Wednesday Evening

September crude oil closed down $0.36 at $65.25 a barrel today. Prices closed nearer the session high. Bulls still have the near term technical advantage. A two week old uptrend is in place on the daily bar chart.

September natural gas closed up 11.6 cents at $3.962 today. Prices closed nearer the session high and hit a fresh three week high today. Short covering in a bear market was featured. The bears are still in technical control.

September (RBOB) unleaded gasoline closed up 191 points at $1.8150 today. Prices closed nearer the session high today. A two week old uptrend is in place on the daily bar chart.

The September U.S. dollar index closed down 18 points at 78.91 today. Prices closed nearer the session low. Prices hit a fresh nine month low again today. Bears still have the overall near term technical advantage.

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Crude Oil Hits Fresh 5 1/2 Month High

June crude oil closed up $0.23 at $58.73 a barrel today. Prices closed near mid range today and did hit a fresh 5 1/2 month high. Bulls do still have the near
term technical advantage. A steep three week old uptrend is in place on the daily bar chart.

June heating oil closed up 66 points at $1.5075 today. Prices closed near mid range again today. Prices hit a fresh four month high today. Bulls and bears are on a level near term technical playing field.

June unleaded gasoline closed down 130 points at $1.6672 today. Prices closed nearer the session low today. Bulls still have some upside technical momentum. However, the market is still short term overbought, technically.

June natural gas closed up 18.8 cents at $4.49 today. Prices closed near the session high today and hit a fresh six week high. Bulls have gained upside near term technical momentum recently to finally suggest that a major market low is in place.

The June U.S. dollar index closed down 37 points at 82.42 today. Prices closed nearer the session low and hit a fresh 4 1/2 month low today. Prices are in a nine week old downtrend on the daily bar chart. Bears have the near term technical advantage.


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Crude Oil Closes Lower, Bulls Still Have Technical Advantage

June crude oil closed down $0.28 at $58.35 a barrel today. Prices closed near the session high today after prices Friday hit another fresh four month high. Bulls do still have the near term technical advantage.

June heating oil closed down 189 points at $1.4995 today. Prices closed near mid range today. Bears still have the slight overall technical advantage.

June unleaded gasoline closed down 270 points at $1.6785 today. Prices closed near mid range today. Bulls still have upside technical momentum. However, the market is still short term overbought, technically.

June natural gas closed down 2 1/2 cents at $4.286 today. Prices closed near mid range today. While the bears still have the overall near term technical advantage, the bulls have gained fresh near term technical momentum recently to finally suggest that a major market low is in place.

The June U.S. dollar index closed up 16 points at 82.80 today. Prices closed nearer the session high after hitting a fresh 4 1/2 month low early on today. Short covering in a bear market was featured. Bears still have the near term technical advantage.

The U.S. stock indexes closed mostly lower today on some more profit taking pressure from recent solid gains and on lingering worries about the U.S. economy and when any recovery can be sustained. The bulls need to step up and show fresh power soon to keep their upside momentum going after prices have rallied strongly off the March lows.


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Crude Oil Closes Higher After Trading At Six Week Low

June crude oil closed up $0.18 at $48.69 a barrel today. Prices closed nearer the session high today on short covering following strong losses on Monday. Prices hit a fresh six week low early on today and some near term chart damage has been inflicted this week. Crude oil bears have the near term technical advantage.

The U.S. stock indexes closed higher today and nearer their session high on a rebound from solid losses on Monday. Some positive comments from U.S. Treasury Secretary Geithner today helped the market. However, a slew of upcoming corporate earnings reports this week will likely keep the bulls tentative. The recent uptrends in the stock indexes will begin to "roll over" on the daily charts and start to produce bearish chart signals if more price weakness occurs this week.

June gold futures closed down $5.80 at $881.70 today. Prices closed near the session low today amid a rebound in the U.S. stock market today. The gold bears still have the overall near term technical advantage. Prices are in a two month old downtrend on the daily bar chart.

The June U.S. dollar index closed down 16 points at 86.82 today. Prices closed near mid range today. Bulls still have the near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at 89.00.


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