DTN’s Technical Analysis | ENERGY | Jan 14

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

Brian Milne - DTN Energy Editor,
January 14, 2019

Brent Crude Oil:The overnight market on ICE was down $0.50 near $60.00. The spot-month contract remains in a short-term uptrend despite the overnight decline, trading at a $62.49 five-week high last week. Resistance is found at the $61.18 50-day moving average, and again at the $65.54 50% retracement point for the 2017-to-2018 uptrend. Support is found at $54.60. The forward curve is in a contango market structure through August delivery. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was down $0.45 near $51.15. The spot-month contract remains in a short-term uptrend despite lower values overnight, trading at a $53.31 five-week high last week. Resistance is found at the $52.36 50-day moving average, and again at the $55.36 61.8% retracement point for the 2017-to-2018 uptrend. Retracement support is found at $45.47. The forward curve is in contango market structure through July delivery. The relative strength index shows a neutral market.

Distillates: The overnight market was up 0.25cts near $1.8820. The spot-month contract is in a short-term uptrend, trading at a $1.9235 five-week high last week. The spot-month contract continues to test resistance at the $1.9020 50% retracement point for the 2017-to-2018 uptrend. Resistance is again found at the $2.0313 38.2% retracement point. The forward curve is in seasonal backwardation. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was down 0.95cts near $1.3910. The spot-month contract continues to test retracement support at $1.3838. Resistance is found at the $1.4277 61.8% retracement point for the 2016-to-2018 uptrend. The forward curve is in contango through June delivery. The relative strength index shows a neutral market.

Natural Gas: The overnight market was up 27.6cts at $3.375, gapping 11.5cts higher with a $3.281 session low. The spot-month contract moved above the 200-day moving average at $3.136 and retracement resistance at $3.229. Resistance is again found at $3.661. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows a neutral market.

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