DTN’s Technical Analysis | ENERGY | Aug 14

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

Brian Milne - DTN Energy Editor,
August 14, 2018

Brent Crude Oil: The overnight market on ICE was $0.75 higher near $73.50. The spot-month contract is in a short-term downtrend, trading at a four-month low of $71.04 Monday. The spot-month contract reversed higher after testing support at $71.13, the 50% retracement point for the February-to-May uptrend. 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 through January delivery. The relative strength index shows a neutral market condition.

Crude Oil: The overnight WTI market was up $0.75 near $68. The spot-month contract is in a short-term downtrend, trading at an eight-week low of $65.71 Monday. The spot-month contract tested retracement support at $65.77, the 23.6% retracement point for the May-to-June downtrend. 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 oversold pressure is building.

Distillates: The overnight market was up 2.5cts near $2.1625. 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 market structure through November delivery. The relative strength index shows a neutral market condition.

RBOB Gasoline: The overnight market was 3.0cts higher near $2.0450. The spot-month contract is in short-term downtrend, trading at a $1.98 four-month low Monday. Retracement support is found at the 200-day moving average at $1.9506. Retracement resistance is marked at $2.0436. The gasoline market is in seasonal backwardation through January delivery. The relative strength index shows oversold pressure is building.

Natural Gas: The overnight market was up 0.8cts at $2.938. 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 found at the $3.053 June high. Support is found at the 200-day moving average at $2.854, and the $2.821 100-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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