DTN’s Technical Analysis | ENERGY | May 4

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

Darin Newsom - DTN Senior Analyst,
May 4, 2018

Brent Crude Oil: The overnight market on ICE was $0.35 higher near $74.00. While the market continues to indicate it’s in a minor (short-term) uptrend, a higher close Friday would be a standard three-day move against the trend. Support at $72.23, the 23.6% retracement level of the previous uptrend, continues to hold with resistance at the recent high of $75.47.

Crude Oil: The overnight WTI market was $0.35 higher near $68.75. Similar to Brent crude, WTI continues to show signs of a minor (short-term) downtrend while consolidating between support at $66.85, the 23.6% retracement level of the previous uptrend, and $69.56. The latter price marks the previous high.

Distillates: The overnight market was 1.75cts higher near $2.1315. The market remains in a minor (short-term) downtrend. The recent consolidation pattern near support at $2.1013, the 23.6% retracement level of the previous uptrend, looks to be a bear flag. A bearish breakout of this pattern would project a test of the 50% retracement level at $2.0000.

RBOB Gasoline: The overnight market was 1.0cts higher near $2.0975. 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 unchanged at $2.726. For now, the market remains in a minor (short-term) sideways-to-up trend. Thursday’s session, as well as overnight trade, saw the spot-month contract test trendline support calculated Friday at $2.708.

*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