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ENERGIES

October crude oil closed lower on Wednesday and sank to a one-week low as U.S. government data confirmed a larger-than-expected weekly rise in crude inventories, wiping out earlier support from optimism that Iran could agree to a production freeze accord. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 44.63 would confirm that a short-term top has been posted. If October renews this month's rally, the 75% retracement level of the July-August-decline crossing at 49.77 is the next upside target. First resistance is the 75% retracement level of the July-August-decline crossing at 49.77. Second resistance is the 87% retracement level of the July-August-decline crossing at 51.35. First support is the 20-day moving average crossing at 44.63. Second support is the reaction low crossing at 41.85.

October heating oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 140.92 would confirm that a short-term top has been posted. If October extends this month's rally, the 87% retracement level of the June-August-decline crossing at 156.17 is the next upside target. First resistance is last Friday's high crossing at 154.94. Second resistance is the 87% retracement level of the June-August-decline crossing at 156.17. First support is the 10-day moving average crossing at 148.98. Second support is the 20-day moving average crossing at 140.92.

October unleaded gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 131.13 would confirm that a short-term top has been posted. If October extends the rally off July's low, the reaction high crossing at 149.61 is the next upside target. First resistance is last Friday's high crossing at 144.10. Second resistance is the reaction high crossing at 149.61. First support is the 10-day moving average crossing at 137.60. Second support is the 20-day moving average crossing at 131.13.

October Henry natural gas closed higher on Wednesday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, the reaction high crossing at 2.947 is the next upside target. Closes below last Friday's low crossing at 2.608 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2.856. Second resistance is the reaction high crossing at 2.947. First support is August's low crossing at 2.580. Second support is the 50% retracement level of the February-July-rally crossing at 2.536.

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