DTN’s Technical Analysis | ENERGY | May 25

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

Darin Newsom - DTN Senior Analyst,
May 25, 2018

Brent Crude Oil: The overnight market on ICE was $1.50 lower near $77.25. The market looks to have finally followed-through on minor (short-term) bearish technical signals, with the spot-month contract moving to a new better than one-week low below $78.10. Initial support is at $76.08, a price that marks the 23.6% retracement level of the previous minor uptrend from $61.76 through the high of $80.50.

Crude Oil: The overnight WTI market was $1.25 lower near $69.50. The market looks to have confirmed its move to a minor (short-term) downtrend, with the spot-month contract falling below initial support at $69.35. This price marks the 23.6% retracement level of the previous uptrend from $58.07 through the high of $72.83. Support at the 38.2% level is down at $67.19.

Distillates: The overnight market was 4.0cts lower near $2.2265. Similar to Brent crude, the spot-month distillates contract moved to a new better-than one-week low overnight, confirming the establishment of a new minor (short-term) downtrend. Initial support is at $2.1893, a price that marks the 23.6% retracement level of the previous uptrend from $1.8084 through the high of $2.3069.

RBOB Gasoline: The overnight market was 4.0cts lower near $2.1925. Similar to oil and distillates, RBOB gasoline looks to have confirmed a move to a minor (short-term) downtrend buy establishing a new better than one-week low overnight. Initial support is at $2.1360, a price that marks the 23.6% retracement level of the previous uptrend from $1.6519 through the high of $2.2855.

Natural Gas: The overnight market was 1.1cts higher at $2.951. The spot-month contract extended the market’s minor (short-term) uptrend by posting a new high of $2.955 overnight. Next secondary (intermediate-term) resistance on the market’s weekly chart is at $3.084.

*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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