Crude Oil Gains Limited By Stronger U.S. Dollar

Crude oil closed steady at $72.66 a barrel today. Prices closed nearer the session high today. Gains were limited by a stronger U.S. dollar and weaker U.S. stock indexes. Crude prices are still in a two month old downtrend on the daily bar chart. The next downside price objective for the crude oil bears is to produce a close below solid technical support at this week's low of $68.59.

Natural gas closed up 30.5 cents at $5.767 today. Prices closed nearer the session high today and hit another fresh six week high. A bullish weekly storage report boosted nat gas today, along with recent cold U.S. weather and more in the forecast. Bulls have gained solid upside near term technical momentum recently. Prices are in a steep two week old uptrend on the daily bar chart.

Unleaded gasoline (RBOB) closed down 225 points at $1.8514 today. Prices closed near mid range today. Bears still have the near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $1.9500.

The U.S. Dollar index closed up 76 points at 78.10 today. Prices closed near the session high and hit a fresh three month high today. The bulls have recently gained good upside near term technical momentum to suggest that a near term low is in place.

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Crude Oil Closes Lower Amid a Rebound in The U.S. Dollar

Crude oil closed down $1.87 at $77.71 a barrel today. Prices closed nearer the session low today amid a rebound in the U.S. dollar index and solidly lower U.S. stock index futures prices. Crude oil bulls still have the overall near term technical advantage. However, the bulls do not want to see a bearish weekly low close on Friday.

Unleaded gasoline (RBOB) closed down 381 points at $.19733 today. Prices closed nearer the session low today. Bulls still have the overall near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at the October high of $2.1015.

Natural gas closed up 8.9 cents at $4.343 today. Prices closed near the session high after hitting a fresh contract low early on today. Short covering in a bear market was seen today. Serious near term chart damage has occurred recently. Bears have the solid near term technical advantage.

The U.S. dollar index closed up 14 points at 75.40 today. Prices closed near mid range today. Bears still have the solid overall near term technical advantage, amid no early clues of a market bottom being close at hand.

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Weaker U.S. Dollar Supports Buying Interest in Crude Oil

Crude oil closed up $0.49 at $79.63 a barrel today. Prices closed near mid range again today. A weaker U.S. dollar supported buying interest in crude today. Crude oil bulls have the near term technical advantage in crude oil. The next downside price objective for the crude oil bears is to produce a close below solid technical support at last week's low of $75.57.

Natural gas closed down 26.9 cents at $4.26 today. Prices closed near the session low and hit a fresh contract low today. Serious near term chart damage has occurred recently, including more today. Bears have the solid near term technical advantage.

Unleaded gasoline (RBOB) closed up 100 points at $2.0149 today. Prices closed nearer the session low today. Bulls still have the near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at the October high of $2.1015.

The U.S. dollar index closed down 29 points at 75.17 today. Prices closed near mid range today. Bears still have the solid overall near term technical advantage, amid no early clues of a market bottom being close at hand. Bulls' next upside price objective is to close prices above solid technical resistance at 77.00.

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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.

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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