DTN’s Technical Analysis | ENERGY | May 15

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

Darin Newsom - DTN Senior Analyst,
May 15, 2018

Brent Crude Oil: The overnight market on ICE was $0.75 higher near $79.00. The spot-month contract extended the market’s uptrends (minor, secondary, and major) as it posted a new high of $79.22 overnight. This pushed beyond next 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 $0.50 higher near $71.50. 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 1.5cts higher near $2.2650. The spot-month contract extended market’s uptrends (minor, secondary, and major) by posting a new high of $2.2717 overnight. Next major resistance on the market’s long-term monthly chart is at $2.4069, a price that marks the 61.8% retracement level of the previous downtrend from $3.37 through the low of $0.8487.

RBOB Gasoline: The overnight market was 0.75cts higher near $2.2075. Similar to distillates, the spot-month RBOB contract extended the market’s uptrends overnight by posting a new high of $2.2147. 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 0.7cts higher at $2.849. The spot-month contract posted a new four-day high of $2.847 Monday, maintaining the markets minor (short-term) uptrend. Resistance on the market’s weekly chart is at $2.869.

*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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