Energies Close
The energy complex finished higher across the board with Crude up 2.6% to 115.85, Unleaded rising 3% to 292.71, Heating Oil adding 1.6% to 312.66 and Natural Gas rising 1.3% to 8.439.
After finding support at 8.05, Natural Gas rallied to a high of 8.736. A double top was formed at this level, and Natural Gas sold off into the close to pare its gains. On the way back down, Natural Gas went through support at the 9-day moving average of 8.621 and closed below yesterday’s high of 8.489.
Crude received a boost from an unexpected draw in inventories and went on to a high of 117.46 where it also formed a double top. Like Natural Gas, Crude sold off into the close and finished the day just below yesterday’s high of 11.95.