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ENERGY

November crude oil closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's day session begins. 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 $86.88 would signal that a short-term top has been posted. If November extends the rally off May's low, the June-2022 high crossing at $94.34 is the next upside target. First resistance is last-Monday's high crossing at $92.43. Second resistance is the June-2022 high crossing at $94.34. First support is the 10-day moving average crossing at $89.59. Second support is the 20-day moving average crossing at $86.88.

November heating oil closed sharply lower on Monday as it marked a downside breakout of last-week's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's day trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 3.1712 would signal that a short-term top has been posted. If November renews the rally off May's low, the 38% retracement level of the 2022-2023-decline on the weekly continuation chart crossing at 3.5689 is the next upside target. First resistance is the September 14th high crossing at 3.4178. Second resistance is the 38% retracement level of the 2022-2023-decline on the weekly continuation chart crossing at 3.5689. First support is the 20-day moving average crossing at 3.1712. Second support is the 50-day moving average crossing at 3.0207.

November unleaded gas closed lower on Monday as it extended the decline off September's high. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.5022 would open the door for additional weakness and a possible test of the August 23rd low crossing at 2.4086. Closes above the 10-day moving average crossing at 2.6044 would signal that a short-term low has been posted. If November renews the rally off the August 23rd low, the October 2022 high on the weekly continuation chart crossing at 3.0221 is the next upside target. First resistance is the 10-day moving average crossing at 2.6044. Second resistance is September's high crossing at 2.7021. First support is the 50-day moving average crossing at 2.5022. Second support is the August 23rd low crossing at 2.4086.

November Henry natural gas closed higher on Monday as it consolidated some of last-Thursday's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August's high, the July 2021 low crossing at 2.734 is the next downside target. Closes above the 50-day moving average crossing at 3.104 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.104. Second resistance is the August 28th high crossing at 3.265. First support is last-Thursday's low crossing at 2.832. Second support is the June 1st low crossing at 2.825.