DTN’s Technical Analysis | ENERGY | May 11

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

Darin Newsom - DTN Senior Analyst,
May 11, 2018

Brent Crude Oil: The overnight market on ICE was $0.25 lower near $77.25. The spot-month contract continues to test major (long-term) resistance at $77.75 on the market’s monthly chart, a price that marks the 50% 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 flat near $71.35. The spot-month contract continues to hold below 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. Similar to Brent crude, fundamental support continues to come from the market’s inverted forward curve.

Distillates: The overnight market was 0.25cts lower near $2.2195. The spot-month contract extended its major (long-term) uptrend to a new high of $2.2339 Thursday. Next major resistance on the market’s monthly chart is at $2.4069, a price that marks the 61.8% retracement level of the previous long-term downtrend from $3.37 through the low of $0.8487.

RBOB Gasoline: The overnight market was flat near $2.1900. The spot-month contract extended the market’s major (long-term) uptrend to a new high of $2.1959 overnight. This moved it above major resistance on the monthly chart at $2.1882, a price that marks the 50% retracement level of the previous downtrend from $3.4789 through the low of $0.8975.

Natural Gas: The overnight market was 1.0cts lower at $2.804. Thursday’s solid rally established a bullish outside range on the market’s daily chart, and kept the spot-month contract above trendline support. This would suggest the market has moved back into a minor (short-term) uptrend. Resistance Friday is at Thursday’s high of $2.820.

*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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