DTN’s Technical Analysis | ENERGY | DEC 11

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

Brian Milne - DTN Energy Editor,
December 11, 2018

Brent Crude Oil:The overnight market on ICE was up $0.50 near $60.45. The spot-month contract continues to trade between resistance at the $63.96 38.2% retracement point for the 2016-to-2018 uptrend and support 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 up $0.60 at $51.60. The spot-month contract continues to trade on either side of the $51.48 50% retracement point for the 2016-to-2018 uptrend. Support is found at the $45.47 61.8% retracement point, with resistance at the $57.48 38.2% retracement point. The forward curve is in a contango market structure through September 2019 delivery. The relative strength index shows easing oversold market pressure.

Distillates: The overnight market was up 1.6cts near $1.8600. The spot-month contract has resistance at $1.9020, the 50% retracement point 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 up 1.35cts near $1.4325. 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 down 9.1cts at $4.454, consolidating within Monday’s trade range. The spot-month contract has support at the $4.363 23.6% retracement point for the 2018 uptrend, and again 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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