DTN’s Technical Analysis | ENERGY | Jan 17

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

Brian Milne - DTN Energy Editor,
January 17, 2019

Brent Crude Oil: The overnight market on ICE was down $1.00 near $60.25. The spot-month contract is in a short-term uptrend, trading near the 50-day moving average at $60.44. 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 July delivery, with the calendar spreads narrowing. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was down $1.10 near $51.20. The spot-month contract is in a short-term uptrend, trading near the 50-day moving average at $51.66. 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 a contango market structure through September delivery. The relative strength index shows a neutral market.

Distillates: The overnight market was down 2.75cts near $1.8670. The spot-month contract is in a short-term uptrend, holding below the 50-day moving average at $1.8880. Resistance is found at last week’s $1.9235 high, with a move through the high targeting the $2.0313 38.2% retracement point for the 2017-to-2018 uptrend. Support is found at the $1.7727 61.8% retracement point. The forward curve is in seasonal backwardation. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was down 3.0cts near $1.3855. The spot-month contract continues to trade 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 up 18.2cts at $3.566. The spot-month contract is in a short-term uptrend, with resistance at the $3.729 50% retracement point for the 2018 uptrend. Resistance is again found at the $4.013 38.2% retracement point. Natural gas futures has 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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