Crude Oil Prices - News Review

The energy market slid down 6% last week as this market got liquidated after a weak jobs number to start the month and the Fed's decision to hold steady on interest rates. The S&P could not get above 1130 and [You must be registered and logged in to see this link.] could not break through the $82.50- $83 area. Even though the EIA report showed a draw in stockpiles it wasn't enough to give this market some legs. I would look to $72 on the downside in the oil market as I think this shows some great support on the daily chart. WTI spreads though are holding steady which is one thing that is keeping this market afloat. I am looking for gasoline and heating oil to be stronger than the oil market this week after getting battered against oil the previous weeks.

Natural Gas is down to the support of $4.30 and I suggest getting into some long OTM calls as this market has a nice base from $4.00 to $4.30. This market has been range bound from $4.30 to $4.75 and this time around is no different.