DTN’s Technical Analysis | ENERGY | Jan 7

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

Brian Milne - DTN Energy Editor,
January 7, 2019

Brent Crude Oil: The overnight market on ICE was up $1.15 near $58.25, trading near a three-week high. The spot-month contract is continuing in a short-term uptrend since rallying off the 2018 low of $49.93. Retracement resistance is found at $58.62 and again at $60.54. 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 $1.15 near $49.10, trading near a three-week high. The spot-month contract is in a short-term uptrend, moving higher since setting the 2018 low at $42.36 in late December. Retracement resistance is found at $51.48. 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 3.8cts near $1.8070, trading near a three-week low. The spot-month contract has moved above resistance at $1.7727, the 61.8% retracement point for the 2017-to-2018 uptrend, and is testing resistance 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 3.45cts near $1.3825 amid inside trade. 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 down 6.6cts at $2.978, consolidating above last week’s $2.878 3-1/2 month low. 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 building oversold pressure.

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