DTN’s Technical Analysis | ENERGY | Nov 30

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

Brian Milne - DTN Energy Editor,
November 30, 2018

Brent Crude Oil: The overnight market on ICE was down $0.75 near $58.75 amid inside trade ahead of the January contract’s expiration this afternoon. The spot-month contract has support at the $56.92 50% retracement point for the 2016-to-2018 uptrend. The forward curve is in a contango market structure through August 2019 delivery. The relative strength index shows an oversold market.

Crude Oil: The overnight WTI market was down $0.85 at $50.60, consolidating within Thursday’s trade range. 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 November 2019 delivery. The relative strength index shows an oversold market.

Distillates: The overnight market was down 2.05cts near $1.8225 amid inside trade ahead of the December contract’s expiration this afternoon. 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 2.55cts near $1.4290, consolidating within Thursday’s trade range. The spot-month contract tested support at the $1.3838 61.8% retracement point for the 2016-to-2017 uptrend this week, trading at a $1.3753 two-year low. Support is again found at the $1.1533 23.6% Fibonacci extension point to this year’s selloff from a $2.2855 high traded in May. The forward curve moves into contango through the first half of 2019 following today’s expiration of the December contract. The relative strength index shows an oversold pressure.

Natural Gas: The overnight market was down 11.5cts at $4.531. 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.

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