DTN’s Technical Analysis | ENERGY | Jun 15

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

Brian Milne - DTN Energy Editor,
June 15, 2018

Brent Crude Oil: The overnight market on ICE was down $0.50 near $75.50. The spot-month contract is testing support at the $75.22 38.2% retracement for the April to May uptrend, with support next marked 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. Brent’s forward curve is backwardated, a bullish market structure. The relative strength index is neutral.

Crude Oil: The overnight WTI market was flat near $66.90, easing off a $67.09 two-week high. The spot-month contract settled above retracement resistance at $66.33, and with resistance now marked at the $67.19 38.2% retracement point for the February-to-May uptrend. The spot-month WTI contract has support at the $65.50 100-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 1.5cts near $2.1425. The spot-month contract is testing support at the $2.1165 38.2% retracement point for the February-to-May uptrend and recent $2.1164 four-week low, trading at a $2.1270 overnight. Retracement resistance is marked at $2.1893. 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 $2.0775. 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 up 2.2cts at $2.987. The spot-month contract traded at a $2.993 four-week high overnight, confirming the market’s short-term uptrend. 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 $2.877. Additional support is found at the $2.813 retracement point and the 100-day moving average at $2.793. 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.

Click here for more information onDTN ProphetX®, or here for a free trial of DTN ProphetX® Energy Edition.

(c) 2017 DTN. All rights reserved.