DTN’s Technical Analysis | ENERGY | Nov 27

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

Brian Milne - DTN Energy Editor,
November 27, 2018

Brent Crude Oil: The overnight market on ICE was little changed near $60.50. The spot-month contract has support at $56.92, the 50% retracement point for the uptrend from the 2016 low to the 2018 high. The forward curve is in a contango market structure through August 2019. The relative strength index shows an oversold market.

Crude Oil: The overnight WTI market was slightly lower near $51.50. The spot-month contract has support marked at the $45.47 61.8% retracement point for the 2016-to-2018 uptrend. The forward curve is in a contango market structure through August 2019. The relative strength index shows an oversold market.

Distillates: The overnight market was down 0.5cts near $1.8880, trading at a fresh eight-month low at $1.8674. The spot-month contract has support at the $1.8084 2018 low, and again at the $1.7727 61.8% retracement point for the 2017—to-2018 uptrend. The forward curve is in seasonal backwardation. The relative strength index shows an oversold market.

RBOB Gasoline: The overnight market was down 0.5cts near $1.4380. The spot-month contract has support at the $1.3838 61.8% retracement point for the 2016-to-2017 uptrend. The forward curve moves into contango in 2019 through June delivery. The relative strength index shows ongoing oversold pressure.

Natural Gas: The overnight market was down 7.1cts at $4.177. The spot-month contract is trading above support at $4.093, the 38.2% retracement point for the September-to-November uptrend. Support is again found at the $3.835 50% retracement point. The forward curve flips into seasonal backwardation Wednesday afternoon following the expiration of the December contract. The relative strength index shows easing overbought pressure.

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