Traders and investors should expect higher energy prices this week as the Independence Day holiday approaches in the United States. Usually, energy prices will trade higher before a major U.S. Holiday. This is also a time of the year when many people will be traveling by car and air. Today, the United States Gasoline ETF (NYSEARCA:UGA) is trading higher by 0.76 cents to $55.02 a share. The UGA has been extremely weak over the past five months as the UGA topped out in March 2013 at $66.00 a share. Traders should note that the UGA has now made its first higher low on the daily chart so there is a chance that the UGA could move higher from here in the near term.
Light sweet crude is also moving higher today. Traders can follow the action in light sweet crude by tracking the United States Oil (NYSEARCA:USO). Some other oil tracking vehicles that traders can follow and trade are the iPath S&P GSCI Crude Oil TR Index ETN (NYSEARCA:OIL), and the ProShares Ultra DJ-UBS Crude Oil (NYSEARCA:UCO).