DTN’s Technical Analysis | ENERGY | Nov 29

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

Brian Milne - DTN Energy Editor,
November 29, 2018

Brent Crude Oil: The overnight market on ICE was up $0.60 near $59.35. The spot-month contract tested support at the $56.92 50% retracement point for the 2016-to-2018 uptrend, trading at a $57.50 13-month low overnight. The forward curve is in a contango market structure through the third quarter 2019. The relative strength index shows an oversold market.

Crude Oil: The overnight WTI market was up $0.65 near $50.95, reversing off a $49.41 better-than 13-month low. 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 the third quarter 2019. The relative strength index shows an oversold market.

Distillates: The overnight market was up 0.35cts at $1.8420, reversing off a fresh 9-1/2 month low. 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 1.6cts near $1.4140. The spot-month contract tested support at the $1.3838 61.8% retracement point for the 2016-to-2017 uptrend overnight, trading at a $1.3753 two-year low. 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 down 10.7cts at $4.590 as the January contract assumes the front month position. The spot-month contract has support at $4.363, the 23.6% retracement point for the February-to-November uptrend. Resistance is found at the $4.929 November high. The forward curve moved into seasonal backwardation through May delivery. The relative strength index shows a neutral market.

*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.

**For additional energy education check out our training courses here.