DTN’s Technical Analysis | ENERGY | Apr 26

Daily technical analysis of crude oil, heating oil, gasoline and natural gas

Darin Newsom - DTN Senior Analyst,
April 26, 2018

Brent Crude Oil: The overnight market on ICE was $0.75 higher at $74.75. The spot-month contract continues to flirt with the possibility of moving into a minor (short-term) downtrend on its daily chart, only to have support from the market’s bullish forward curve (fundamentals) spark a test of recent highs. This puts resistance at Tuesday’s peak of $75.47, with initial minor support down at $72.23.

Crude Oil: The overnight WTI market was $0.50 higher near $68.60. The spot-month contract is consolidating between resistance at its recent high of $69.56 and initial minor (short-term) support on its daily chart at $66.85. Daily stochastics remain above the overbought level of 80%, though possible bearishness has been offset by the market’s bullish forward curve (fundamentals). However, recent sessions have seen some commercial selling put pressure on the nearby June-to-July spread.

Distillates: The overnight market was 2.25cts higher near $2.1575. Despite daily stochastics already sitting well above the overbought level of 80%, the spot-month contract is pressing its recent high of $2.1564 early Thursday morning. As with Brent crude, distillate’s bullish forward curve (fundamentals) continue to provide support.

RBOB Gasoline: The overnight market was 1.25cts higher near $2.1025. RBOB still looks to be in a minor (short-term) downtrend on its daily chart. Initial support is at $2.0223, the 23.6% retracement level of the previous uptrend from $1.6519 through this past Monday’s high of $2.1367. The 38.2% retracement mark is down at $1.9515.

Natural Gas: The overnight market was unchanged at $2.786. Natural gas remains in a minor (short-term) uptrend. Overnight trade saw the spot-month contract hold below its four-day high of $2.798 while daily stochastics have moved above the overbought level of 80%.

*For technical analysis of monthly (long-term) and weekly (intermediate-term) trends see DTN’s Technically Speaking blog on your ProphetX system.

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