DTN’s Technical Analysis | ENERGY | Jan 15

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

Brian Milne - DTN Energy Editor,
January 15, 2019

Brent Crude Oil: The overnight market on ICE was up $0.75 near $59.75, consolidating within Monday’s trade range. The spot-month contract is in a short-term uptrend, with initial resistance at the $61.18 50-day moving average. After this month’s $62.49 high, resistance is again found 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 up $0.60 near $51.10, consolidating within Monday’s trade range. The spot-month contract is in a short-term uptrend, with initial resistance found at the $52.09 50-day moving average. After this month’s $53.31 high, resistance is found 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 November delivery. The relative strength index shows a neutral market.

Distillates: The overnight market was up 0.85cts at $1.8610, consolidating within Monday’s trade range. 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, with the 50-day moving average at $1.90. Moving through these resistance points sets the next upside target 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 up 2.2cts near $1.3860. The spot-month contract continues to bounce on either side of the $1.3838 retracement point. 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 down 2.7cts at $3.564. The spot-month contract is in a short-term uptrend, testing resistance at the $3.729 50% retracement point for the 2018 uptrend with a $3.722 high. Resistance is again found at the $4.013 38.2% retracement point. Natural gas futures carved out an 11.5cts gap on the spot continuation chart from Friday’s $3.166 high to Monday’s $3.281 low. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows a neutral market.

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