DTN’s Technical Analysis | ENERGY | Feb 2

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

Darin Newsom = DTN Senior Analyst,
February 2, 2018

Brent Crude Oil: The overnight market on ICE was $0.25 lower near $69.50. Brent crude remains quiet early in February, holding within its January range of $71.28 to $66.24. Monthly stochastics continue to show the market is sharply overbought long-term, yet a bullish forward curve continues to provide support, leading to a stalemate.

Crude Oil: The overnight WTI market was slightly lower near $65.75. Similar to Brent crude, WTI is holding in January’s trading range of $66.66 to $60.10 in early February, with monthly stochastics above 90%. WTI also has a bullish forward curve that continues to limit selling interest.

Distillates: The overnight market was 0.5cts lower near $2.0850. Distillates are holding below major (long-term) resistance at $2.1094, supported by a continued bullish forward curve while pressured by monthly stochastics showing the market to be sharply overbought.

RBOB Gasoline: The overnight market was 1.0cts lower near $1.8875. RBOB’s secondary (intermediate-term) uptrend on its weekly chart seems to be stalling out. A move by the spot-month contract below last week’s low of $1.8600 would establish a bearish outside range for the week.

Natural Gas: The overnight market was 2.7cts higher at $2.883. The spot-month contract will post a bearish outside range this week, trading well outside last week’s range. Support on its monthly chart is at the January low of $2.746.

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

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Darin Newsom, www.dtn.com (c) 2017 DTN. All rights reserved.