DTN’s Technical Analysis | ENERGY | Jan 3

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

Brian Milne - DTN Energy Editor,
January 3, 2019

Brent Crude Oil: The overnight market on ICE was up $0.65 near $55.50. The spot-month contract has support at $49.88, the 61.8% retracement point for the 2016-to-2018 uptrend. The forward curve is in a contango market structure through November 2019 delivery. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was up slightly near $46.65. The spot-month contract is again trading above retracement support for the 2016-to-2018 uptrend at $45.47. Support is found at the $42.05 2017 low. The forward curve is in contango market structure through October 2019. The relative strength index shows a neutral market.

Distillates: The overnight market was up 2.4cts near $1.7245. The spot-month contract tested support at the $1.6464 50% Fibonacci extension point for the January-to-February selloff, trading at $1.6424 16-month low on Wednesday. Support is again found at the $1.6069 61.8% extension point. The forward curve is in seasonal backwardation. The relative strength index shows modest oversold pressure.

RBOB Gasoline: The overnight market was up 2.4cts near $1.3495. The spot-month contract has support at the $1.2185 23.6% Fibonacci extension point for the selloff from the August 2017 high to October 2017 low. The forward curve is in contango through June delivery. The relative strength index shows a neutral market.

Natural Gas: The overnight market was down 2.2cts at $2.936. The spot-month contract continues to trade below support at the $2.962 38.2% retracement point for the January-to-February downtrend, trading at a $2.89 3-1/2 month low overnight. Support is found at the $2.797 23.6% retracement point. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows a neutral market.

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