DTN’s Technical Analysis | ENERGY | Aug 9

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

Brian Milne - DTN Energy Editor,
August 9, 2018

Brent Crude Oil: The overnight market on ICE was slightly higher near $72.50. The spot-month contract is in a short-term downtrend, testing support at the $71.97 61.8% retracement point for the February-to-May uptrend. Support is again 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 flat near $67. The spot-month contract is in a short-term downtrend, trading at a better-than four-week low of $66.32 Wednesday. Retracement support is marked at $66.02 and $65.77. Resistance remains at the $69.43 retracement point for the June-to-July uptrend. 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 up 0.75cts near $2.1230. Despite Wednesday’s more-than 5.0cts decline, the spot-month contract remains range bound. Retracement support is found at $2.0722 and $2.0577 with resistance at $2.1864. 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 flat near $2.0190. The spot-month contract tested support at the $1.9982 July low Wednesday with a $2.0067 low. Resistance is marked at $2.0945. 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 flat at $2.949. The spot-month contract is in a short-term uptrend, moving through retracement resistance at $2.92 to a fresh four-week high of $2.952. Resistance is now found at the $3.053 June high. Support is found at the 200-day moving average at $2.853, and the $2.812 100-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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