Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

ENERGIES https://quotes.ino.com/exchanges/?c=energy

February crude oil closed higher on Wednesday as it extends the rally off December's low. The low-range close sets the stage for a steady to slightly higher opening when Thursday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, monthly resistance crossing at $92.96 is the next upside target. Closes below the 20-day moving average crossing at $78.37 would signal that a short-term top has been posted. First resistance is today's high crossing at $87.91. Second resistance is monthly resistance crossing at $92.96. First support is the 10-day moving average crossing at $81.63. Second support is the 20-day moving average crossing at $78.37.

February heating oil closed slightly higher on Wednesday as it extends the rally off December's low and posted a new contract high. 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, monthly resistance crossing at $279.19 is the next upside target. Closes below the 20-day moving average crossing at $245.38 would signal that a short-term top has been posted. First resistance is today's high crossing at $272.71. Second resistance is monthly resistance crossing at $279.19. First support is the 10-day moving average crossing at $256.51. Second support is the 20-day moving average crossing at $245.38.

February unleaded gas closed higher on Wednesday as it extends the rally off December's low and posted another new contract high in early trading. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, monthly resistance crossing at $254.30 is the next upside target. Closes below the 20-day moving average crossing at $229.56 would signal that a short-term top has been posted. First resistance is today's high crossing at 247.86. Second resistance is monthly resistance crossing at 254.30. First support is the 20-day moving average crossing at $229.55. Second support is the 50-day moving average crossing at $219.92.

February Henry natural gas closed lower on Wednesday as it extends the decline off last-Wednesday's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.970 would signal that a short-term top has been posted. If February renews the rally off December's low, the 50% retracement level of the October-December decline crossing at 5.035 is the next upside target. First resistance is the 50% retracement level of the October-December crossing at 5.035. Second resistance the November 26th high crossing at 5.400. First support is the 20-day moving average crossing at 3.970. Second support is December's low crossing at 3.518.