DTN’s Technical Analysis | ENERGY | DEC 10

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

Brian Milne - DTN Energy Editor,
December 10, 2018

Brent Crude Oil: The overnight market on ICE was down $0.55 near $61.10, consolidating within the prior session’s trade range. The spot-month contract has resistance at the $63.96 38.2% retracement point for the 2016-to-2018 uptrend, with support found at the $56.92 50% retracement point. The forward curve is in a contango market structure through August 2019 delivery. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was down $0.65 near $51.95, consolidating within last week’s trade range. The spot-month contract is holding above the $51.48 50% retracement point for the 2016-to-2018 uptrend. Support is found at the $45.47 61.8% retracement point, with an upside breakout targeting the $57.48 38.2% retracement point. The forward curve is in a contango market structure through October 2019 delivery. The relative strength index shows easing oversold market pressure.

Distillates: The overnight market was down 1.05cts near $1.8755 amid inside trade. The spot-month contract has resistance at $1.9020, the 50% retracement point for the for the 2017-to-2018 uptrend. Support is marked at the $1.7727 61.8% resistance point. The forward curve is in seasonal backwardation. The relative strength index shows easing oversold pressure.

RBOB Gasoline: The overnight market was down 2.0cts near $1.4660. The spot-month contract has support at the $1.3838 61.8% retracement point for the 2016-to-2017 uptrend. Resistance is found at the $1.5340 50% retracement point. The forward curve is in a contango market structure through the first half of 2019. The relative strength index shows easing oversold pressure.

Natural Gas: The overnight market was little changed at $4.485. The spot-month contract is again trading above support at the $4.363 23.6% retracement point for the 2018 uptrend. Additional support is marked at the $4.013 38.2% retracement point. Resistance is found at the $4.929 November high. The forward curve moved into seasonal backwardation through May delivery. The relative strength index shows a neutral market.

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