Oil ETFs are just now reaching overbought levels, suggesting a possible correction in the near future Oil ETFs continued to rise slightly today, however oil ETFs’ latest bullish swing may soon be over.  The West Texas Intermediate Crude oil price per barrel dropped .12% to close at $93.16, while the United States Oil Fund ETF (NYSEARCA:USO) gained .12%.  The United States 12 Month Oil Fund ETF (NYSEARCA:USL) performed similarly with a .22% rise. So, are oil ETFs’ temporary rise soon to be over? According the RSI of NYSEARCA:USO, NYSEARCA:USO’s rise just might be over.  Today, NYSEARCA:USO registered an RSI of 67.51, just a few points below the overbought ’70′ mark, and is awfully close to hitting its 200 Day Moving Average ceiling.  An almost oversold RSI and the tough 200 Day Moving Average ceiling certainly build a strong case for why the temporary oil ETF surge might be coming to an end.  The United States 12 Month Oil Fund LP ETF (NYSEARCA:USL) has a similar situation, with a near overbought RSI reading of 66.15 and hovering very close to its 200 Day Moving Average ceiling. Natural gas ETFs present a different story however, as the United States Natural Gas Fund ETF (NYSEARCA:UNG) has a negative -0.028 MACD and an almost overbought RSI level of 35.28.  Unlike its oil ETF counterpart, NYSEARCA:UNG is likely due for an uptick soon, as the MACD appears to be leveling off and the RSI is close to oversold. Oil ETF Update:  Oil Spot Price: $93.16/barrel, -.13% United States Oil Fund LP ETF (NYSEARCA:USO):  +.12%, This ETF is a commodity based ETF designed to track the price of West Texas Intermediate Crude Oil.  The United States Oil Fund LP ETF (NYSEARCA:USO) reflects the price of oil delivered to Cushing, Oklahoma and is traded as futures contracts on The New York Mercantile Exchange (NYMEX). United States 12 Month Oil Fund LP ETF (NYSEARCA:USL):  +.22%, This ETF is a commodity based ETF designed to track the price of West Texas Intermediate Crude Oil.  The United States 12 Month Oil Fund LP ETF (NYSEARCA:USO) reflects the price of oil delivered to Cushing, Oklahoma and reflects the average of the next 12 months of oil futures contracts on The New York Mercantile Exchange (NYMEX). Natural Gas ETF Update: Natural Gas Spot Price: $3.23/ft 3 , -1.37% United States Natural Gas Fund LP ETF (NYSEARCA:UNG): -1.25%, This ETF is a commodity based ETF designed to track the price of Natural Gas delivered to Henry Hub, Louisiana.  The United States Natural Gas Fund LP ETF (NYSEARCA:UNG) is traded as futures contracts on The New York Mercantile Exchange (NYMEX). Energy ETF Update:  Energy Select Sector SPDR Fund ETF (NYSEARCA:XLE): -.33%, This ETF tracks the performance of the S&P Energy Select Sector Index.  The S&P Energy Select Sector Index closely tracks companies within the S&P 500’s Energy Sector, including oil, gas, and energy equipment companies. iShares Trust Dow Jones United States Energy ETF (NYSEARCA:IYE): -.17%, This ETF tracks the performance of US Energy Stocks in the Dow Jones US Oil & Gas Index.  The Dow Jones US Oil & Gas Index closely tracks oil and gas producers within the energy sector of the US Equities Market. Bottom Line: Oil ETFs appear to be just now reaching overbought levels, suggesting a possible correction soon. Sign up for Wall Street Sector Selector’s FREE Stock Market Timing Indicator! Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector’s Disclaimer , Terms of Service , and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.