DTN’s Technical Analysis | ENERGY | May 29

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

Darin Newsom - DTN Senior Analyst,
May 29, 2018

Brent Crude Oil: The overnight market on ICE was $0.75 higher near $75.90. The market is in a minor (short-term) downtrend on its daily chart with next support at $73.34. This price marks the 38.2% retracement level of the previous uptrend from $61.76 through the high of $80.50. Daily stochastics remain bearish, heading toward the oversold level of 20%.

Crude Oil: The overnight WTI market was $0.75 lower near $67.00. The market is in a minor (short-term) downtrend with next support at $65.45. This price marks the 50% retracement level of the previous uptrend from $58.07 through the high of $72.83. By the time the spot-month contract tests this support, daily stochastics should be below the oversold level of 20%.

Distillates: The overnight market was 1.25cts lower near $2.1975. The market is in a minor (short-term) downtrend with the spot-month contract testing support at $2.1893. This price 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 2.0cts lower near $2.1615. The market is in a minor (short-term) downtrend with the spot-month contract testing support at $2.1360. This price 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 3.7cts lower at $2.902. The spot-month contract posted an outside trading range during the overnight session, setting the stage for a potential bearish reversal at Tuesday’s close. A settlement below Friday’s mark of $2.939, particularly with daily stochastics above 90%, could signal the end of the ongoing minor (short-term) uptrend and a move to a new downtrend.

*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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