DTN’s Technical Analysis | ENERGY | Aug 13

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

Brian Milne - DTN Energy Editor,
August 13, 2018

Brent Crude Oil: The overnight market on ICE was flat near $72.75 following Friday’s modest advance. The spot-month contract is in a short-term downtrend. Support is marked at the $71.97 61.8% retracement point for the February-to-May uptrend. Support is then found at the $71.19 July low and the 50% retracement point at $71.13. Resistance is at $75.22, the 38.2% retracement point for the April-to-May uptrend. The forward curve is in a contango market structure. The relative strength index shows a neutral market condition.

Crude Oil: The overnight WTI market was down $0.25 near $67.50. The spot-month contract is in a short-term downtrend, trading at a seven-week low of $66.14 on Friday. The spot-month contract has retracement support at $66.02 with support again found at $65.77. Resistance remains at the $69.43 retracement point for the June-to-July uptrend. WTI is in a bullish backwardated market structure. The relative strength index shows a neutral market condition.

Distillates: The overnight market was up 0.25cts near $2.1425. The spot-month contract remains range bound, with support at the $2.0722 and $2.0577 retracement points and resistance at $2.1864. The front end of the forward curve is in an easing contango. The relative strength index shows a neutral market condition.

RBOB Gasoline: The overnight market was down 0.65cts near $2.0325. The spot-month contract has moved into a short-term downtrend, trading at a $1.9934 four-month low on Friday. Retracement support is found at the 200-day moving average at $1.9492. Retracement resistance is marked at $2.0436. The gasoline market is in seasonal backwardation through January delivery. The relative strength index shows a neutral market condition.

Natural Gas: The overnight market was down 3.4cts at $2.9100. Despite the overnight decline, the spot-month contract is in a short-term uptrend, trading at a nearly eight-week high of $2.952 late last week. Resistance is now found at the $3.053 June high. Support is found at the 200-day moving average at $2.853, and the $2.817 100-day moving average. The forward curve is in a contango market structure through January delivery. The relative strength index shows a building overbought market condition.

*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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