DTN’s Technical Analysis | ENERGY | Jun 29

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

Brian Milne - DTN Energy Editor,
June 29, 2018

Brent Crude Oil: The overnight market on ICE was more than $0.75 higher near $78.75 ahead of the August contract’s expiration at today’s close. The spot-month contract is in a short-term uptrend, trading at a fresh four-week high at $79.34. The spot-month contract has moved through retracement resistance for the April-to-May uptrend at $77.24, in position to test May’s high at $80.50. 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 is slightly lower near $73.35 amid inside trade, fading from Thursday’s trade at a $74.03 multiyear high. The spot-month contract is in a short-term uptrend, with resistance found from $76.38 through $76.53. WTI is in backwardation, a bullish market structure, with the calendar spreads narrowing. The relative strength index shows a neutral market condition.

Distillates: The overnight market was up 1.5cts near $2.1935, a fresh four-week high, ahead of the July contract’s expiration at Friday’s close. The spot-month contract is in a short-term uptrend, testing resistance at the $2.1893 23.6% retracement point for the February-to-May uptrend. The forward curve is in seasonal contango through January delivery. The relative strength index shows a neutral market condition.

RBOB Gasoline: The overnight market was 2.0cts higher near $2.1525 ahead of the July contract’s expiration at Friday’s close. The spot-month contract has moved into a short-term uptrend, trading at a four-week high at $2.1553 overnight. The spot month contract is testing resistance at the $2.1505 38.2% retracement point for the uptrend from the April low to the May high, with additional resistance at the $2.2011 retracement point. 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 flat at $2.940 after trading at a $3.021 nearly two-week high Thursday. The spot 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 $2.875. The August contract is trading at a premium to September delivery, with fourth quarter contracts flipping into seasonal contango. 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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