Oil Market Roundup

On the P&F chart, notice one clear point: prices have continually made new highs by breaking through key areas of resistance. Also note this have been going on for some time.



On the weekly chart, notice the following:

-- Prices have continually made new highs

-- Prices have always consolidated gains

-- Prices are above all the SMAs

-- All the SMAs are headed higher

-- The shorter SMAs are higher than the longer SMAs



On the daily chart notice the following:

-- Prices have continually made new highs

-- Prices have always consolidated gains

-- Prices are above all the SMAs

-- All the SMAs are headed higher

-- The shorter SMAs are higher than the longer SMAs

Notice that the points for the weekly chart all apply to the daily charts. Simply put, both charts are extremely bullish.

Also note the gas prices are still higher than this time last year:



And gas stockpiles are dropping:



Also note the diesel gas is very high:



And gas prices are still hitting highs:

The U.S. average retail price for regular gasoline climbed to another all-time high, going up 6.9 cents to 379.1 cents per gallon. This was the eighth consecutive week for the national average price to increase, with the cumulative change totaling 53.2 cents. All regions recorded price hikes, with the East Coast jumping by 8.2 cents (the most of any region) to 379.5 cents per gallon. The average price in Central Atlantic portion of the East Coast surged up by 9.5 cents to 382.4 cents per gallon, 74.2 cents above the price a year ago. The average price in the Midwest went up 6.3 cents to 379.9 cents per gallon. The average price in the Gulf Coast region was 368.9 cents per gallon, a jump of 7.3 cents. Increasing by 7.7 cents to 368.6 cents per gallon, the price in the Rocky Mountain region remained the lowest in the country but only by a mere three-tenths of a cent. Once again, the average price for the West Coast was the highest in the nation, moving up by 5 cents to 388.3 cents per gallon. The average price in California rose by 3.3 cents to 395.2 cents per gallon.