DTN’s Technical Analysis | ENERGY | Aug 8

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

Brian Milne - DTN Energy Editor,
August 8, 2018

Brent Crude Oil: The overnight market on ICE was slightly down near $74.50. The spot-month contract has resistance at $75.22, the 38.2% retracement point for the April-to-May uptrend. Support is marked at the $71.97 61.8% retracement point for the same uptrend. Support is again found at the $71.19 July low and the $71.13 50% retracement point for the February-to-May uptrend. The spot-month contract is in a short-term downtrend. 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 near $68.85. The spot-month contract has resistance at the $69.43 retracement point for the June-to-July uptrend, with retracement resistance again found at $70.81. Support is clustered from the $68.22 100-day moving average through the recent $66.92 better-than four-week low and long-term support at the $66.89 retracement point. Support is again found at $65.77. The spot-month contract is in a short-term downtrend. WTI is in a bullish backwardated market structure, with the calendar spreads narrowing. The relative strength index shows a neutral market condition.

Distillates: The overnight market was flat near $2.1690. The spot-month contract has resistance at $2.1864, the 50% retracement point for the May-to-July downtrend. Retracement support is found at $2.0722 and $2.0577. 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 1.5cts near $2.0875. The spot-month contract has resistance at $2.0945. Support is found at the $1.9982 July low. 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 0.1cts at $2.896, trading near a fresh four-week high of $2.900. The spot-month contract is in a short-term uptrend, testing resistance at the $2.92 61.8% retracement for the June-to-July downtrend. Support is found at the 200-day moving average at $2.853, and the $2.808 100-day moving average. 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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