DTN’s Technical Analysis | ENERGY | Jan 4

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

Brian Milne - DTN Energy Editor,
January 4, 2019

Brent Crude Oil: The overnight market on ICE was up $1.25 at $57.20. The spot-month contract has rallied off the 2018 low of $49.93, with retracement resistance found at $58.62. The forward curve is in a contango market structure. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was up $1.00 near $47.10. The spot-month contract has rallied off the $42.36 2018 low, with retracement resistance found at $51.48. The forward curve is in contango market structure. The relative strength index shows a neutral market.

Distillates: The overnight market was up 3.4cts at $1.7760. The spot-month contract rallied off retracement support at $1.6464, and is testing resistance at $1.7727, the 61.8% retracement point for the 2017-to-2018 uptrend. Resistance is again found at $1.8084. The forward curve is in seasonal backwardation. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 2.3cts at $1.3725. The spot-month contract is testing retracement resistance at $1.3838. Resistance is again found at $1.4277, the 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 3.8cts at $2.983. The spot-month contract has retracement resistance at $3.095 with support at $2.797. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows a neutral market.

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