February crude oil closed down $0.06 a barrel at $89.90 yesterday. Prices closed near mid-range and saw some mild profit taking from recent gains. Prices did hit a fresh three-week high early on. A weaker U.S. dollar index has been bullish for crude oil this week. Crude oil bulls have the slight near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at the December high of $90.90 a barrel. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at the December low of $85.76. First resistance is seen at yesterday’s high of $90.54 and then at $90.90. First support is seen at yesterday’s low of $89.26 and then at Wednesday’s low of $88.26. Wyckoff’s Market Rating: 5.5

February heating oil closed up 119 points at $3.0432 yesterday. Prices closed near mid-range yesterday. Bulls and bears are on a level near-term technical playing field. Prices are still in a three-month-old downtrend on the daily bar chart. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the December high of $3.1026. Bears’ next downside price breakout objective is producing a close below solid technical support at the December low of $2.9027. First resistance lies at yesterday’s high of $3.0619 and then at $3.0800. First support is seen at yesterday’s low of $3.0198 and then at $3.0000. Wyckoff’s Market Rating: 5.0.

February (RBOB) unleaded gasoline closed up 65 points at $2.7403 yesterday. Prices closed near mid-range yesterday and hit a fresh three-week high. Bulls have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the December high of $2.7634. Bears’ next downside price breakout objective is closing prices below solid support at the December low of $2.5959. First resistance is seen at the December high of $2.7634 and then at the October high of $2.8087. First support is seen at yesterday’s low of $2.7182 and then at $2.7000. Wyckoff’s Market Rating: 6.0.

February natural gas closed up 12.5 cents at $3.491 yesterday. Prices closed nearer the session high and saw short covering in a bear market. Nat gas bears still have the overall near-term technical advantage. A steep four-week-old downtrend is still in place on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the December high of $3.765. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of $3.222. First resistance is seen at yesterday’s high of $3.503 and then at $3.55. First support is seen at $3.40 and then at yesterday’s low of $3.36. Wyckoff’s Market Rating: 3.5.