DTN’s Technical Analysis | ENERGY | Mar 18

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

Darin Newsom - DTN Senior Analyst,
May 18, 2018

Brent Crude Oil: The overnight market on ICE was $0.40 higher at $79.70. The spot-month contract extended the market’s uptrends (minor, secondary, and major) again as it posted a new high of $80.50 Thursday. Next major (long-term) resistance is at $89.70 on the market’s monthly chart, a price that marks the 61.8% retracement level of the previous major downtrend from $128.40 through the low of $27.10. Fundamental support continues to come from the market’s inverted forward curve.

Crude Oil: The overnight WTI market was slightly higher near $71.60. The spot-month contract extended the market’s uptrends (minor, secondary, major) as it posted a new high of $72.30 Thursday before backing off late in the day. This was a test of next major (long-term) resistance on the market’s monthly chart at $72.36, a price that marks the 38.2% retracement level of the previous downtrend from $147.27 through the low of $26.05.

Distillates: The overnight market was 1.0cts higher near $2.2910. Similar to the oil markets, the spot-month distillates contract posted a new high of $2.3069 Thursday before backing off over the latter part of the session. Next major (long-term) resistance on the market’s monthly chart is at $2.4069, a price that marks the 61.8% retracement level of the previous major downtrend from $3.37 through the low of $0.8487.

RBOB Gasoline: The overnight market was 1.5cts higher near $2.2575. The spot-month RBOB contract extended the market’s uptrends by posting a new high of $2.2773 Thursday. The spot-month contract has cleared major resistance on the market’s long-term monthly chart at $2.1882, with the next target up at $2.4928.

Natural Gas: The overnight market was 0.5cts lower at $2.854. The spot-month contract posted a bullish outside range Thursday, challenging the high from Tuesday of $2.864. This was also a test of secondary (intermediate-term) resistance at $2.869 on the market’s weekly chart.

*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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