DTN’s Technical Analysis | ENERGY | May 3

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

Darin Newsom - DTN Senior Analyst,
May 3, 2018

Brent Crude Oil: The overnight market on ICE was $0.50 lower near $73.00. Wednesday saw the spot-month contract rally off its test of support at $72.23, a price that marks the 23.6% retracement level of the previous uptrend from $61.76 through the recent high of $75.47. Despite the higher close the minor (short-term) trend remains down, with daily stochastics indicating a test of the 38.2% retracement level at $70.23 is likely.

Crude Oil: The overnight WTI market was slightly lower near $67.85. The market remains in a minor (short-term)) downtrend, despite the rally off this week’s test of support at $66.85. This price marks the 23.6% retracement level of the previous uptrend from $58.07 through the high of $69.56. Bearish daily stochastics indicate the minor trend should extend to next support at the 38.2% level of $65.17.

Distillates: The overnight market was 1.25cts lower near $2.1090. The market remains in a minor (short-term) downtrend despite Wednesday’s close back above technical support at $2.1013. This price marks the 23.6% retracement level of the previous uptrend from $1.8084 through the high of $2.1918. Next support is at the 38.2% retracement level of $2.0453.

RBOB Gasoline: The overnight market was 1.0cts lower near $2.0705. The market remains in a minor (short-term) downtrend with initial support at $2.0306. This price marks the 23.6% retracement level of the previous uptrend from $1.6519 through last week’s high of $2.1476. The 38.2% retracement mark is down at $1.9582.

Natural Gas: The overnight market was 1.3cts higher at $2.767. For now, the market remains in a minor (short-term) sideways-to-up trend. Initial support is at Monday’s low of $2.728 with resistance at last Thursday’s high 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.

Click here for more information onDTN ProphetX®, or here for a free trial of DTN ProphetX® Energy Edition.

(c) 2017 DTN. All rights reserved.  Darin Newsom,  darin.newsom@dtn.com