DTN’s Technical Analysis | ENERGY | Jun 11

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

Brian Milne - DTN Energy Editor,
June 11, 2018

Brent Crude Oil: The overnight market on ICE was down $0.65 near $75.80. The short-term trend is down after the spot-month contract traded at a $73.81 four-week low last week. The spot-month contract has support at $73.34—the 38.2% retracement point for the February-to-May uptrend. Resistance is found at $77.24. The spot-month contract remains in a long-term uptrend, underpinned by a bullish backwardated forward curve. The relative strength index is neutral.

Crude Oil: The overnight WTI market was down $0.75 near $65.00. The short-term trend is down after the spot-month contract traded at a $64.22 four-week low last week. The spot-month WTI contract is testing support at the $65.37 100-day moving average, with additional support at $63.71—the 61.8% retracement point for the February-to-May uptrend. Retracement resistance is found at $66.33. WTI’s market structure remains bullish, with the forward curve inverted. The relative strength index shows an oversold market condition.

Distillates: The overnight market was down 1.25cts near $2.1515. The spot-month contract is trading sideways after testing key support at $2.1165 with a $2.1164 four-week low, and retracement resistance at $2.1893 last week. The forward curve is in contango which aligns with the contract’s seasonal characteristics. The relative strength index is neutral.

RBOB Gasoline: The overnight market was down 2.25cts near $2.0925. The market remains in a short-term downtrend after trading at a $2.0554 four-week low last week. After last week’s low, the spot-month contract has support at the $2.0435 retracement point for the February-to-May uptrend. Resistance is marked at $2.1360. The gasoline market is in seasonal backwardation, a supportive market structure. The relative strength index is neutral although nearing oversold.

Natural Gas: The overnight market was up 5.9cts at $2.949. The spot-month contract is in position to test May’s $2.988 four-week high. The spot-month contract has retracement support at $2.88 which coincides with the 200-day moving average at $2.876. Additional support is found at the $2.813 retracement point and the 100-day moving average at $2.805. The front end of the forward curve is flat, and the relative strength index is neutral.

*For technical analysis of monthly (long-term) and weekly (intermediate-term) trends see DTN’s Technically Speaking blog on your ProphetX system.

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