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ENERGIES: March Nymex crude oil closed down $0.29 at $51.76 today. Prices closed near mid-range today. The bears have the firm overall near-term technical advantage. However, more sideways price action in the near term would begin to suggest a market bottom is in place.
March heating oil closed down 251 points at $1.6731 today. Prices closed nearer the session low today. The bears have the firm overall near-term technical advantage but a price downtrend in place on the daily chart has been negated to suggest a market bottom is in place.
March (RBOB) unleaded gasoline closed up 301 points at $1.6134 today. Prices closed nearer the session high and hit a three-week high today. The bulls have gained the slight overall near-term advantage and have momentum.
March natural gas closed up 13.9 cents at $1.975 today. Prices closed near the session high and hit a four-week high today. Short covering and bargain hunting were featured. The bears still have the overall near-term technical advantage, but today's gains suggest a near-term market bottom is in place. A 3.5-month-old downtrend on the daily bar chart has been negated.