As I look at this long-term chart of continuous contracts of crude oil, I cannot help but believe that the failure of the latest top would telegraph an important global economic downturn. As TNR might say, energy don’t lie, bro.
![](https://slopeofhope.com/wp-content/uploads/2023/07/slopechart__CL-640x345.jpg)
I’d say heating oil has precisely the same message.
![](https://slopeofhope.com/wp-content/uploads/2023/07/slopechart__HO-640x345.jpg)