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ENERGIES

September Nymex crude oil was slightly higher overnight as it consolidates above the 50-day moving average crossing at 46.72. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 48.63 would temper the near-term bearish outlook. Closes below the 50-day moving average crossing at 46.72 would open the door for a possible test of the reaction low crossing at 45.40. First resistance is the 50% retracement level of the January-June-decline crossing at 50.33. Second resistance is the 62% retracement level of the January-June-decline crossing at 52.26. First support is the 50-day moving average crossing at 46.72. Second support is the reaction low crossing at 45.40.

September heating oil was steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off August's high, the 50% retracement level of the June-August-rally crossing at 152.55 is the next downside target. Multiple closes above last Friday's high crossing at 162.81 would confirm that a short-term low has been posted. First resistance is August's high crossing at 167.97. Second resistance is April's high crossing at 170.05. First support is the 38% retracement level of the June-August-rally crossing at 156.22. Second support is the 50% retracement level of the June-August-rally crossing at 152.55.

September unleaded gas was slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Thursday's low, the reaction high crossing at 164.94 is the next upside target. If September renews the decline off August's high, the 50% retracement level of the June-August-rally crossing at 153.22 is the next downside target. First resistance is the reaction high crossing at 164.94. Second resistance is August's high crossing at 168.46. First support is the 50% retracement level of the June-August-rally crossing at 153.22. Second support is the 62% retracement level of the June-August-rally crossing at 149.62.

September Henry natural gas was lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off August's low, July's high crossing at 3.101 is the next upside target. Closes below the 20-day moving average crossing at 2.900 would confirm that a short-term top has been posted. First resistance is last Monday's high crossing at 3.018. Second resistance is July's high crossing at 3.101. First support is August's low crossing at 2.753. Second support is the 75% retracement level of the February-December-2016 rally crossing at 2.706.

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