DTN’s Technical Analysis | ENERGY | Jun 27

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

Brian Milne - DTN Energy Editor,
June 27, 2018

Brent Crude Oil: The overnight market on ICE was trading just below $77.00, up more than $0.50, trading at a $76.95 two-week high. The spot-month contract moved through resistance at the $76.08 retracement point for the February-to-May uptrend, and is now testing retracement resistance for the April-to-May uptrend at $77.24. Support is marked at the $75.52 and $73.34 retracement points. Brent is in backwardation, a bullish market structure, with the calendar spreads widening. The relative strength index shows a neutral market condition.

Crude Oil: The overnight WTI market was $0.50 higher near $71.00, trading at a fresh $71.23 four-week high. The spot-month contract is in a short-term uptrend, moving through retracement resistance at $69.35. Resistance is found at and near $72.00, $72.25, and the May high at $72.83. Support is marked at former resistance at $67.19. WTI is in backwardation, a bullish market structure, with the calendar spreads widening sharply. The relative strength index shows a neutral market condition.

Distillates: The overnight market was 1.75cts higher near $2.1473, a fresh two-week high. The spot-month contract has moved through resistance at the $2.1165 38.2% retracement point for the February-to-May uptrend, with resistance now marked at the $2.1893 23.6% retracement point. Support is found at last week’s $2.0658 four-week low, and again at the $2.0577 50% retracement point for the February-to-May uptrend. The forward curve is in seasonal contango through mid-winter delivery. The relative strength index shows a neutral market condition.

RBOB Gasoline: The overnight market was 2.0cts higher near $2.0925, after trading at a fresh two-week high at $2.0940. Resistance is found at $2.1334, the 23.6% retracement point for the February-to-May uptrend. While higher overnight, the spot-month contract is in a short-term downtrend after trading at a $1.9975 10-week low last week. Support is marked at the $2.0141 100-day moving average. The gasoline market is in seasonal backwardation, a price supportive market structure. The relative strength index shows a neutral market condition.

Natural Gas: The overnight market was up 4.1cts at $2.98 ahead of the July contract’s expiration this afternoon. The sot month contract is in a short-term uptrend, with resistance marked at the recent $3.053 four-week high. The spot-month contract has support at the $2.88 retracement point for the February-to-May uptrend, which coincides with the 200-day moving average at $2.876. 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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