Cameron Hanover – Daily Energy Hedger – October 18, 2010

After trying most of the week to break key resistance levels at $84.43 in crude, 233.45 in heating oil, and 220.11 in gasoline, oil prices ran out of upward momentum on Friday and sold off steeply. None of the three major contracts came anywhere near their major resistance on Friday, after making some progress on Thursday, but ultimately failing and coming up short of reaching the major highs.