DTN’s Technical Analysis | ENERGY | Jan 9

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

Brian Milne - DTN Energy Editor,
January 9, 2019

Brent Crude Oil: The overnight market on ICE was up $1.00 near $59.75, continuing its short-term uptrend. The spot-month contract moved above retracement resistance at $58.62, trading at a $60.05 better-than three-week high. Resistance is now found at $60.54. The forward curve is in a contango market structure through year-end. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was up $1.00 near $50.80, continuing its short-term uptrend. The spot-month contract moved above psychological resistance at $50.00, trading at a $51.09 better-than three-week high. Retracement resistance is 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 1.3cts at $1.8400. The spot-month contract is in a short-term uptrend, trading at a better-than three-week high at $1.8498. The spot-month contract moved through retracement resistance at $1.8383. Resistance is now marked 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 3.0cts near $1.3920. The spot-month contract has again moved above retracement resistance at $1.3838, with resistance now marked 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 2.8cts at $2.995 in consolidation trade. 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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