DTN’s Technical Analysis | ENERGY | May 14

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

Darin Newsom - DTN Senior Analyst,
May 14, 2018

Brent Crude Oil: The overnight market on ICE was $0.25 higher near $77.40. 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 slightly higher near $70.75. 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 0.5cts higher near $2.2270. The spot-month contract is consolidating below its recent high of $2.2346. 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 0.25cts lower near $2.1860. Similar to distillates, the spot-month RBOB contract is consolidating below its recent high of $2.1959. This continues to test 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 0.8cts higher at $2.814. The spot-month contract posted a new four-day high of $2.830 overnight, maintaining the markets minor (short-term) sideways-to-up trend. Next resistance is at the previous peak of $2.839.

*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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