DTN’s Technical Analysis | ENERGY | Apr 27

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

Darin Newsom - DTN Senior Analyst,
April 27, 2018

Brent Crude Oil: The overnight market on ICE was slightly lower near $74.65. 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) limit selling interest. Resistance remains at Tuesday’s peak of $75.47 with initial minor support at $72.23.

Crude Oil: The overnight WTI market was slightly lower near $68.10. 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 are now bearish below the overbought level of 80%. Recent sessions have seen some commercial selling put pressure on the market’s forward curve.

Distillates: The overnight market was slightly lower near $2.1595. Despite daily stochastics already sitting well above the overbought level of 80%, the spot-month contract posted a new high for this move of $2.1670 Thursday. As with Brent crude, distillate’s bullish forward curve (fundamentals) continues to provide support.

RBOB Gasoline: The overnight market was 0.25cts higher near $2.1160. 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 3.0cts lower at $2.809. Natural gas remains in a minor (short-term) uptrend as the spot-month contract posted a new high of $2.839 Thursday. However, daily stochastics are above the overbought level of 80% and in position for a bearish crossover.

*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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