DTN’s Technical Analysis | ENERGY | DEC 5

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

Brian Milne - DTN Energy Editor,
December 5, 2018

Brent Crude Oil: The overnight market on ICE was down $0.25 near $61.90. The spot-month contract tested resistance at the $63.96 38.2% retracement point for the 2016-to-2018 uptrend Tuesday, trading at a $63.58 high. The forward curve is in a contango market structure through August 2019 delivery. The relative strength index shows easing oversold pressure.

Crude Oil: The overnight WTI market was little changed near $53.20. A move to the downside would target $51.79 to fill the gap on the daily spot chart. The spot-month contract has resistance at $55.36, the 61.8% retracement point for the 2017-to-2018 uptrend. The forward curve is in a contango market structure through August 2019 delivery. The relative strength index shows easing oversold market pressure.

Distillates: The overnight market was down 0.35cts near $1.8975. The spot-month contract has support at $1.7727, the 61.8% resistance point for the 2017-to-2018 uptrend. Resistance is marked at the $2.0313 38.2% retracement point. The forward curve is in seasonal backwardation. The relative strength index shows an oversold market.

RBOB Gasoline: The overnight market was slightly lower near $1.4425. 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 for the same trend. 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 up 10.2cts at $4.559. The spot-month contract is again above the $4.363 23.6% retracement point for the 2018 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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