DTN’s Technical Analysis | ENERGY | DEC 3

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

Brian Milne - DTN Energy Editor,
December 3, 2018

Brent Crude Oil: The overnight market on ICE was up $2.25 near $61.70 as February delivery assumes the nearest delivered position. The spot-month contract is rallying off last week’s test of support at the $56.92 50% retracement point for the 2016-to-2018 uptrend. The forward curve is in a contango market structure through August 2019 delivery. The relative strength index shows an oversold market.

Crude Oil: The overnight WTI market was up $2.00 near $52.95, gapping higher on the daily chart. The spot-month contract is rallying off last week’s test of support at the $45.47 61.8% retracement point for the 2016-to-2018 uptrend. The forward curve is in a contango market structure through August 2019 delivery. The relative strength index shows an oversold market.

Distillates: The overnight market was up 5.55cts near $1.8850 during the first session with January delivery as the nearest delivered contract. The spot-month contract is rallying off last week’s test of support at the $1.7727 61.8% retracement point for the 2017—to-2018 uptrend. The forward curve is in seasonal backwardation. The relative strength index shows an oversold market.

RBOB Gasoline: The overnight market was up 5.55cts near $1.4575 as January delivery takes over as the contract nearest delivery. The spot-month contract last week tested support at the $1.3838 61.8% retracement point for the 2016-to-2017 uptrend. The forward curve has moved into a contango market structure through the first half of 2019. The relative strength index shows an oversold pressure.

Natural Gas: The overnight market was down 24.1cts at $4.371. The spot-month contract has support at $4.363, the 23.6% retracement point for the February-to-November uptrend. 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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