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ENERGIES: May Nymex crude oil closed down $0.15 at $48.10 today. Prices closed nearer the session high after hitting a four-month low early on. Today's high-range close does hint that the bears have become exhausted. The bears do still have the firm overall near-term technical advantage.
May heating oil closed down 41 points at $1.5062 today. Prices closed nearer the session high after hitting a four- month low early on today. The bears have the overall near- term technical advantage. Prices are in a 2.5-month-old downtrend on the daily bar chart.
May (RBOB) unleaded gasoline closed down 27 points at $1.6143 today. Prices closed nearer the session high. The bears have the overall near-term technical advantage. A nine-week-old downtrend is in place on the daily bar chart. A bear flag pattern has formed on the daily bar chart.
May natural gas closed down 7.2 cents at $3.083 today. Prices closed nearer the session low today. Bulls and bears are on a level overall near-term technical playing field.