DTN’s Technical Analysis | ENERGY | Jun 8

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

Brian Milne - DTN Energy Editor,
June 8, 2018

Brent Crude Oil: The overnight market on ICE was down about $0.60 near $76.75 after testing retracement resistance at $77.24. The spot-month contract tested retracement support at $73.34 this week with a $73.81 four-week low. The spot-month contract remains in a long-term uptrend, underpinned by a bullish backwardated forward curve. The relative strength index is neutral.

Crude Oil: The overnight WTI market was down about $0.25 near $65.75. The short-term trend is down, with the spot-month contract trading at a four-week low at $64.22 this week. The spot-month contract held support at the $63.71 retracement point, and has tested retracement resistance at $66.33. WTI’s market structure remains bullish, with the forward curve inverted. The relative strength index shows an oversold market condition.

Distillates: The overnight market was down about 0.75cts near $2.1715. The spot-month contract is in positon to crossover to a short-term uptrend after testing key retracement support at $2.1165 with a $2.1164 four-week low. The spot-month contract is testing retracement resistance at $2.1893. The forward curve is backwardated through early 2019, a bullish market structure. The relative strength index is neutral.

RBOB Gasoline: The overnight market was up about 0.25cts near $2.1175. The market remains in a short-term downtrend after trading at a $2.0554 four-week low this week. The spot-month contract held retracement support at $2.0435, and is testing resistance at $2.1360. The gasoline market is in seasonal backwardation, a supportive market structure. The relative strength index is neutral although nearing oversold.

Natural Gas: The overnight market was down 3.7cts at $2.893. The market is trading a sideways pattern after falling back from May’s $2.988 four-week high. The spot-month contract is testing retracement support at $2.88, with additional support at $2.813. The front end of the forward curve is flat, and 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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