DTN’s Technical Analysis | ENERGY | Jan 8

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

Brian Milne - DTN Energy Editor,
January 8, 2019

Brent Crude Oil: The overnight market on ICE was up $0.90 near $58.25 amid inside trade. The spot-month contract is in a short-term uptrend amid a long-term downtrend. 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 $0.70 near $49.25 amid inside trade. The spot-month contract is in a short-term uptrend amid a long-term downtrend. The spot-month contract is holding below psychological resistance at $50.00, with retracement resistance found at $51.48. The forward curve is in contango market structure through September delivery. The relative strength index shows a neutral market.

Distillates: The overnight market was up 2.85cts near $1.8065. The spot-month contract is in a short-term uptrend, with resistance found at the $1.8383 38.2% retracement point for the 2016-to-2018 uptrend. Resistance is again found at $1.9020, the 50% retracement point for the 2017-to-2018 uptrend. The forward curve is in seasonal backwardation. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 1.5cts near $1.3555. The spot-month contract has retracement resistance at $1.3838, and again 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 5.3cts at $2.997. The spot-month contract has retracement resistance at $3.095. Support is found at the $2.878 low and again at $2.797. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows oversold pressure is building.

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