DTN’s Technical Analysis | ENERGY | DEC 17

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

Brian Milne - DTN Energy Editor,
December 17, 2018

Brent Crude Oil: The overnight market on ICE was up $0.60 near $60.85. The spot-month contract is consolidating 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 $0.35 at $51.55. The spot-month contract continues to consolidate, with support at the $45.47 61.8% retracement point for the 2016-to-2018 uptrend and resistance at the $57.48 38.2% retracement point. The forward curve is in a contango market structure through August 2019 delivery. The relative strength index shows a neutral market.

Distillates: The overnight market was up 1.75cts near $1.8625. 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 modest oversold pressure.

RBOB Gasoline: The overnight market was up 1.55cts near $1.4490. The spot-month contract has support at the $1.3838 61.8% retracement point for the 2016-to-2017 uptrend and resistance 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 gapped down with an intraday high of $3.696. The spot-month contract broke below support at the $3.729 50% retracement point for the 2018 uptrend, trading at a $3.607 five-week low. Support is now found at the $3.446 61.8% retracement point. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows a neutral market.

*For technical analysis of monthly (long-term) and weekly (intermediate-term) trends see DTN’s Technically Speaking blog on your ProphetX system.

Click here for more information onDTN ProphetX®, or here for a free trial of DTN ProphetX® Energy Edition.

**For additional energy education check out our training courses here.