Energy markets have been volatile with natural gas leading the pack. Unleaded gas had a false breakout and then consolidated while crude continues to boil and heating oil stays in a wide trading range. Barring any unforeseen disruptions markets will focus their attention on this weeks inventory stat’s which will be released Wednesday at 9:30 Central.
Sept Unleaded Gas
The market made a new contract high last week at 23500 and then quickly sold off. Trade that holds above 220 should rebound and keep bull trending forces. A close below 217 is bearish and should trigger declines to test support at 210. A close above 229 will encourages rallies to test resistance at 236.
Sept Crude Oil
The bull advance needs a close above $75.60 to maintain upward momentum and target $78.12 resistance. A close under $74.00 is negative and targets $72.50 support. A close under $72.00 is bearish and hints at lower prices.
Sept Heating Oil
The market has been trading in a range since mid April. A close above 216 is friendly to bull forces while a close under 208 hints at a test of support at 200. A dramatic breakout to either side of the trading range may signal an emerging trend.
Sept Natural Gas
Last weeks spike higher and then reversal puts bear forces in control and encourages further sell offs. A close above 7606 is needed to encourage rallies but only a close over 8229 puts the bulls back in charge.
