Energy Market Commentary from Jim Wyckoff

August crude oil closed down $2.94 at $72.69 a barrel yesterday. Prices closed nearer the session low yesterday and hit a fresh three-week low. Weak U.S. economic data and a slumping stock market have hit the crude oil market hard this week. Bears have gained the near-term technical advantage in crude oil. My bias is still 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 $77.00 a barrel. The next near-term downside price objective for the crude oil bears is to produce a close below solid technical support at $70.00. First resistance is seen at $73.00 and then at $74.00. First support is seen at $72.00 and then at $71.50. Wyckoff's Market Rating: 4.0.

Source: VantagePoint Intermarket Analysis Software

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August heating oil closed down 783 points at $1.9360 yesterday. Prices closed nearer the session low yesterday and hit a fresh five-week low. Chart damage has been inflicted this week, including more yesterday. The bulls' next upside price objective is closing prices above solid technical resistance at $2.0500. Bears' next downside price objective is producing a close below solid technical support at the May low of $1.8677. First resistance lies at $1.9500 and then at $1.9750. First support is seen at yesterday's low of $1.9219 and then at $1.9000. Wyckoff's Market Rating: 3.0.

August unleaded gasoline closed down 654 points at $1.9950. Prices closed nearer the session low yesterday. Bears have regained the near-term technical advantage in RBOB. The next upside price objective for the bulls is closing prices above solid technical resistance at the June high of $2.1853. Bears' next downside price objective is closing prices below solid support at the May low of $1.8860. First resistance is seen at $2.0000 and then at $2.0250. First support is seen at yesterday's low of $1.9712 and then at $1.9500. Wyckoff's Market Rating: 4.0.

September natural gas closed up 20.9 cents at $4.861 yesterday. Prices closed nearer the session high on short covering and some fresh speculative bargain-hunting buying after recent losses. The bears still have the overall near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at the June high of $5.282. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $4.516. First resistance is seen at yesterday's high of $4.945 and then at $5.00. First support is seen at $4.80 and then at $4.75. Wyckoff's Market Rating: 4.