Energy Markets Commentary

August crude oil closed down $0.15 at $76.20 a barrel yesterday. Prices closed nearer the session high yesterday and saw on more profit-taking pressure from recent gains. The crude oil bulls and bears are on a level near-term technical playing field, but the bulls are fading. My bias is that price action will remain choppy and in a trading range between the May low of $68.59 and psychological resistance at $80.00. The next near-term upside price objective for the bulls is producing a close above solid technical resistance at $80.00 a barrel. The next near-term downside price objective for the crude oil bears is to produce a close below solid technical support at $74.00. First resistance is seen at $77.00 and then at $77.50. First support is seen at $76.00 and then at this week's low of $75.17.

Wyckoff's Market Rating: 5.0.

August heating oil closed down 128 points at $2.0737 yesterday. Prices closed near mid-range yesterday on more profit taking from recent gains. Bulls and bears are on a level near-term technical playing field, but the bulls are fading. The bulls' next upside price objective is closing prices above solid technical resistance at this week's high of $2.1874. Bears' next downside price objective is producing a close below solid technical support at $2.0000. First resistance lies at yesterday's high of $2.0918 and then at $2.1250. First support is seen at yesterday's low of $2.0550 and then at $2.0250.

Wyckoff's Market Rating: 5.0.

August (RBOB) unleaded gasoline closed up 35 points at $2.0809. Prices closed nearer the session high yesterday. Bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is closing prices above solid technical resistance at this week's high of $2.1853. Bears' next downside price objective is closing prices below solid support at $2.0000. First resistance is seen at $2.1000 and then at $2.1265. First support is seen at yesterday's low of $2.0526 and then at $2.0250.

Wyckoff's Market Rating: 5.0.

August natural gas closed down 5.9 cents at $4.794 yesterday. Prices closed near mid-range yesterday in quieter trading. The bulls are fading. The next upside price objective for the bulls is closing prices above solid technical resistance at last week's high of $5.249. The next downside price objective for the bears is closing prices below solid technical support at $4.50. First resistance is seen at yesterday's high of $4.90 and then at $5.00. First support is seen at this week's low of $4.727 and then at $4.65.

Wyckoff's Market Rating: 5.0.