Overall energy markets are bearish. OPEC will be weighing in on the market this week as it decides whether to cut production in light of its revised forecast for lowered global consumption. The market will be pressured to the downside until OPEC confirms its decision on Oct. 19.
Unleaded gas chart
November unleaded gas
The market is bearish and a close below the November contract low triggers a sell signal. Keep your stops. A close above 15158 stops aggressive bear forces and a push above 15543 alerts for a market reversal.
November crude oil
Overall the market is bearish. A dip or close below $57.21 targets $55.00 a barrel. Trade that is contained under $59.71 should remain weak and test support at $55.00. A close over $60.05 is needed to halt the bears from continuing the sell off and a close over $61.65 alerts for a market reversal.
November heating oil
The market is bearish and trade that is contained under 17553 alerts for further selling off to test last weeks low of 16683. A close below 16311 encourages further selling off and targets 15864. A close above 17553 alerts for a market reversal.
October natural gas
The market is bearish and a dip below last weeks low of 5600 is negative and targets 5293.
A push above 6826 encourages rallies to test resistance at 7023.
