August crude oil was higher overnight and poised to renew the rally off June's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off June's low, the 38% retracement level of this year's decline crossing at 90.43 is the next upside target. Closes below the 20-day moving average crossing at 83.70 would temper the near-term friendly outlook in August crude oil. First resistance is the 38% retracement level of this year's decline crossing at 90.43. Second resistance is the 50% retracement level of this year's decline crossing at 94.45. First support is the 20-day moving average crossing at 83.70. Second support is June's low crossing at 77.28.
August heating oil was higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 38% retracement level of the March-June decline crossing at 282.30 is the next upside target. Closes below the 20-day moving average crossing at 268.03 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the March-June decline crossing at 282.30. Second resistance is the 50% retracement level of the March-June decline crossing at 291.99. First support is the 20-day moving average crossing at 268.03. Second support is June's low crossing at 250.84.
August unleaded gas was slightly higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 62% retracement level of the March-June decline crossing at 295.32 is the next upside target. Closes below the 20-day moving average crossing at 265.40 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the March-June decline crossing at 285.49. Second resistance is the 62% retracement level of the March-June decline crossing at 295.24. First support is the 20-day moving average crossing at 265.40. Second support is June's low crossing at 244.08.
August Henry natural gas was lower overnight. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 2.718 would confirm that a short-term top has been posted. If August renews the rally off June's low, February's high crossing at 3.137 is the next upside target. First resistance is this month's high crossing at 3.060. Second resistance is February's high crossing at 3.137. First support is the reaction low crossing at 2.718. Second support is June's low crossing at 2.215.
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If something does happen in the gulf, the pool gets drained and the swimmers are high and dry.
The headlines for yesterday's firing at sea has shaken things up a bit for the energy markets.
100% speculation ! Am in petro business . World is swimming in fuel !