DTN’s Technical Analysis | ENERGY | Oct 24

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

Brian Milne - DTN Energy Editor,
October 24, 2018

Brent Crude Oil: The overnight market on ICE was flat near $76.50, and traded at a $75.11 two-month low. The spot-month contract moved through support at the $77.20 38.2% retracement point for the February-to-October uptrend, and the 100-day moving average at $76.93. Support is now marked at the $74.25 50% retracement point for the same trend. The forward curve is in backwardation, although the calendar spreads are narrowing. The relative strength index shows building oversold market pressure.

Crude Oil: The overnight WTI market was up $0.35 near $66.75. The spot-month contract moved below support at the $67.40 200-day moving average, trading at a $65.74 two-month low Tuesday. Support is found at the $64.43 August low. The forward curve is in a contango market structure through May 2019. The relative strength index shows an oversold market.

Distillates: The overnight market was flat near $2.2490. The spot-month contract has moved into a short-term downtrend this week, trading at a $2.2305 four-week low overnight. The spot-month contract settled above support at the $2.2458 50% retracement point for the July-to-October uptrend Tuesday. Support is again found at the $2.1977 61.8% retracement point for the same trend. The seasonal contango at the front end of the forward curve remains tight. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 0.25cts near $1.8395, trading at an eight-month low of $1.8121. The spot-month contract is testing long-term support at $1.8141, with support again found at $1.7587. The front end of the forward curve is flat. The relative strength index shows oversold pressure.

Natural Gas: The overnight market was down 2.5cts at $3.187. The spot-month contract is testing support at the $3.095 50% retracement point for the January-to-February downtrend. Resistance is found at the $3.229 61.8% retracement point for the same trend. The November through January calendar spreads are in seasonal contango. 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!