Energy Market Commentary

March crude oil was higher overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below last Monday's low crossing at 94.97 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off November's low, the 87% retracement level of the September-November decline crossing at 99.78 is the next upside target. First resistance is this month's high crossing at 98.24. Second resistance is the 87% retracement level of the September-November decline crossing at 99.78. First support is last Monday's low crossing at 94.97. Second support is the 38% retracement level of the November-February rally crossing at 93.47.

March heating oil was higher overnight as it consolidates some of the decline off last week's high. Stochastics and the RSI have turned bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 315.96 would confirm that a short-term top has been posted. If March renews the rally off December's low, last March's high crossing at 331.32 is the next upside target. First resistance is this month's high crossing at 325.75. Second resistance is last March's high crossing at 331.32. First support is Tuesday's low crossing at 316.57. Second support is the 20-day moving average crossing at 315.96.

March unleaded gas was lower due to profit taking overnight as it consolidates some of this winter's rally. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, weekly resistance crossing at 334.71 is the next upside target. Closes below the 20-day moving average crossing at 301.92 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 316.91. Second resistance is weekly resistance crossing at 334.71. First support is the 10-day moving average crossing at 306.85. Second support is the 20-day moving average crossing at 301.92.

March Henry natural gas was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold and are turning bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 3.319 would confirm that a short-term low has been posted. If March extends the decline off January's high, January's low crossing at 3.100 is the next downside target. First resistance is the 20-day moving average crossing at 3.319. Second resistance is the reaction high crossing at 3.459. First support is last Friday's low crossing at 3.125. Second support is January's low crossing at 3.100.

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