DTN’s Technical Analysis | ENERGY | Nov 28

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

Brian Milne - DTN Energy Editor,
November 28, 2018

Brent Crude Oil: The overnight market on ICE was little changed near $60.10. The spot-month contract has support at $56.92, the 50% retracement point for the 2016-to-2018 uptrend. The forward curve is in a contango market structure through October 2019. The relative strength index shows an oversold market.

Crude Oil: The overnight WTI market was little changed near $51.60. The spot-month contract has support at the $45.47 61.8% retracement point for the 2016-to-2018 uptrend. The forward curve is in a contango market structure through July 2019. The relative strength index shows an oversold market.

Distillates: The overnight market was down 0.55cts at $1.8805. 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 up 0.75cts near $1.4280. 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 through the first half of 2019 following the Friday afternoon expiration of the December contract. The relative strength index shows ongoing oversold pressure.

Natural Gas: The overnight market was up 5.2cts at $4.314. The spot-month contract continues to trade above support at $4.093, the 38.2% retracement point for the September-to-November uptrend. The forward curve transitions into seasonal backwardation with the afternoon expiration of the December contract. The relative strength index shows a neutral market.

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