DTN’s Technical Analysis | ENERGY | Jun 14

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

Brian Milne - DTN Energy Editor,
June 14, 2018

Brent Crude Oil: The overnight market on ICE was down slightly near $76.63. The short-term trend remains down, with initial support at the recent $73.81 four-week low. Additional support for the spot-month contract is found 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, with the forward curve in a bullish backwardated market structure. The relative strength index is neutral.

Crude Oil: The overnight WTI market was up $0.25 near $66.90, after trading at a $67.00 two-week high. The spot-month contract has moved through retracement resistance at $66.33, and is now testing resistance at the $67.19 38.2% retracement point for the February-to-May uptrend. The spot-month WTI contract has support at the $65.47 100-day moving average, the recent $64.22 four-week low, with additional support at $63.71—the 61.8% retracement point for the February-to-May uptrend. WTI’s market structure remains bullish, with the forward curve backwardated. The relative strength index shows a neutral market.

Distillates: The overnight market was down 1.2cts near $2.1725. 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 1.25cts near $2.1125. 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.

Natural Gas: The overnight market was down 2.4cts at $2.939. The spot-month contract is in a short-term uptrend, testing initial resistance this week at the May $2.988 four-week high. Resistance is next marked at $3.095, the 50% retracement point for the January-to-February downtrend from $3.661 to $2.53. 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 $2.797. The front end of the forward curve is in modest backwardation, a price supportive market structure. 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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