DTN’s Technical Analysis | ENERGY | Jun 25

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

Brian Milne - DTN Energy Editor,
June 25, 2018

Brent Crude Oil: The overnight market on ICE was down $1.25 near $74.25. The spot-month contract is in a short-term downtrend. The spot-month contract is testing support at $73.34, the 38.2% retracement point for the February-to-May uptrend, with additional support at the four-week low of $72.45. Resistance is marked the $76.08 retracement point for the February-to-May uptrend. Brent is in backwardation, a bullish market structure. The calendar spreads have narrowed. The relative strength index shows a neutral market condition.

Crude Oil: The overnight WTI market was slightly higher near $68.75. The spot-month contract is in a short-term uptrend after trading at a $69.33 four-week high Friday. The spot-month contract has resistance at $69.35, the 23.6% retracement point for the February-to-May uptrend. Support is at former resistance at $67.19 and $65.45. WTI is in backwardation, a bullish market structure, with the calendar spreads widening. The relative strength index shows a neutral market condition.

Distillates: The overnight market was down 2.25cts near $2.1025. The spot-month contract is in a short-term downtrend, with support at last week’s $2.0658 four-week low, and again at the $2.0577 50% retracement point for the February-to-May uptrend. Resistance is found at the $2.1165 38.2% retracement point for the February-to-May uptrend. The forward curve is in seasonal contango through early 2019 delivery. The relative strength index shows a neutral market condition.

RBOB Gasoline: The overnight market was 2.5cts lower near $2.0450, reversing off Friday’s $2.0732 one-week high. The spot-month contract is in a short-term downtrend, trading at a $1.9975 10-week low last week. Support is marked at the $2.0100 100-day moving average, and again at the $1.9961 50% retracement point for the February-to-May uptrend. The spot-month contract is testing resistance at $2.0409, the 38.2% retracement point for the February-to-May uptrend. The gasoline market is in seasonal backwardation, a price supportive market structure. The relative strength index shows an oversold market condition.

Natural Gas: The overnight market was down 4.7cts at $2.898. Despite the decline, the spot-month contract is in a short-term uptrend. The spot-month contract is testing support at the $2.88 retracement point for the February-to-May uptrend. Resistance is found at the recent $3.053 four-week high this week. The front end of the forward curve remains 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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