DTN’s Technical Analysis | ENERGY | DEC 12

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

Brian Milne - DTN Energy Editor,
December 12, 2018

Brent Crude Oil: The overnight market on ICE was up $1.00 at $61.20. 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 $0.95 at $52.60. The spot-month contract is currently trading 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 resistance at the $57.48 38.2% retracement point. The forward curve is in a contango market structure through June 2019 delivery. The relative strength index shows a neutral market.

Distillates: The overnight market was up 3.05cts near $1.8775. 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 2.75cts near $1.4675. 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 a neutral market.

Natural Gas: The overnight market was down 12.2cts at $4.285. The spot-month contract is testing support at the $4.363 23.6% retracement point for the 2018 uptrend, with support then found at the $4.013 38.2% retracement point. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows a neutral market.

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