Analysis

June crude oil closed lower on Thursday as it consolidates above the 62% retracement level of the October-December-decline crossing at 63.50. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are overbought diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. If June extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 67.73 is the next upside target. Closes below the 20-day moving average crossing at 63.62 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 66.60. Second resistance is the 75% retracement level of the October-December-decline crossing at 67.73. First support is the 20-day moving average crossing at 63.62. Second support is the 50-day moving average crossing at 60.28.

June heating oil closed slightly lower on Thursday as it consolidates some of its recent gains. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are overbought diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 201.81 would confirm that a short-term top has been posted. If June extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 222.16 is the next upside target. First resistance is Monday's high crossing at 212.68. Second resistance is the 75% retracement level of the October-December-decline crossing at 222.16. First support is the 20-day moving average crossing at 205.50. Second support is the 50-day moving average crossing at 201.81.

June unleaded gas closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 211.35 is the next upside target. Closes below the 20-day moving average crossing at 198.27 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 209.69. Second resistance is the 75% retracement level of the October-December-decline crossing at 211.35. First support is the 20-day moving average crossing at 198.27. Second support is the 50-day moving average crossing at 187.32.

June Henry natural gas posted a key reversal up due to short covering on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday's night 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 June extends the decline off March's high, weekly support crossing at 2.432 is the next downside target. Closes above the 20-day moving average crossing at 2.659 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.585. Second resistance is the 20-day moving average crossing at 2.659. First support is today's low crossing at 2.477. Second support is weekly support crossing at 2.432.