DTN’s Technical Analysis | ENERGY | Aug 2

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

Brian Milne - DTN Energy Editor,
August 2, 2018

Brent Crude Oil: The overnight market on ICE was down $0.50 near $72, trading near a fresh two-week low of $71.84. The spot-month contract is in a short-term downtrend. Support is found at the $71.19 July low and the $71.13 50% retracement point for the February-to-May uptrend. Resistance is found at $75.22, the 38.2% retracement point for the April-to-May uptrend. The forward curve is in contango market structure, with the calendar spreads widening. The relative strength index shows a neutral market condition.

Crude Oil: The overnight WTI market was down $0.50 near $67. The spot-month contract is in a short-term downtrend, trading at a better-than four-week low overnight of $66.92. The spot-month contract is testing support at the $67.03-$67.04 double bottom and long-term support at $66.89. Support is then found at $65.77. Resistance is marked at the $69.43 and $70.81 retracement points 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 down 0.5cts near $2.0915, trading near a fresh two-week low of $2.0860. The spot-month contract has retracement support at $2.0722 and $2.0577, with support again found at the $2.0417 July low. Resistance is found at previous support at $2.1043. The forward curve is in seasonal contango through January delivery. The relative strength index shows a neutral market condition.

RBOB Gasoline: The overnight market was down 1.0cts near $2.0350, trading at a fresh two-week low of $2.316 overnight. The spot-month contract moved through support at $2.0436, the 23.6% retracement point for the June-to-July downtrend, with support at the $1.9982 July low. Resistance is found from $2.0687 to $2.0717, and again near $2.0945. The gasoline market is in seasonal backwardation through December delivery. The relative strength index shows a neutral market condition.

Natural Gas: The overnight market was down 0.9cts at $2.749. The spot-month contract is trading in a sideways pattern, with support at the July low of $2.704. Resistance is found at the $2.792 50% retracement point for the February-to-June uptrend. The forward curve is in a contango market structure through January delivery. The relative strength index shows a neutral 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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