Brent crude (QA): The sot-month futures contract extended the markets’s major (long-term) uptrend to a high of $120.30 during April, its highest price since June 2022. The spot-month contract closed at $110.40, up $6.43 (6.2%) for the month. Theoretical Positions: It’s possible investors went long the market during January or February on bullish technical breakouts.
WTI crude oil (CL): Despite consolidating during April, the market remains in a major uptrend. The spot-month contract settled at $105.07, up $3.69 (3.6%) for the month. Theoretical Positions: It’s possible investors went long the market during January or February on bullish technical breakouts.
Distillates (HO, heating oil, diesel fuel, jet fuel, etc.): Despite consolidating during April, the market remains in a major uptrend. The spot-month contract settled at $4.0809, down 3.29 cents (0.8%) for the month.Theoretical Positions: Long-term investors and hedgers may have gone long during February, or covered cash needs, when the spot-month contract moved above the previous high of $2.74 from June 2025.
RBOB gasoline (RB): The spot-month contract extended its major uptrend to a high of $3.7684 during April, its highest prices since June 2022. The spot-month contract settled at $3.6150, up 41.11 cents (12.8%) for the month. Theoretical Positions: Investors could be long the market near the January 2026 settlement of $1.9422.
Natural Gas (NG): It could still be argued the spot-month contract posted a Wave 5 high during December 2025 as part of a key bearish reversal. If so, then the market would be considered in a major downtrend, from a technical point of view. Theoretical Positions: I would think investors would be on the sidelines, but it is hard to say.
