DTN’s Technical Analysis | ENERGY | Oct 26

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

Brian Milne - DTN Energy Editor,
October 26, 2018

Brent Crude Oil: The overnight market on ICE was down $0.65 near $76.25. The spot-month contract is in a short-term downtrend, trading at a $75.11 two-month low this week. Support is marked at the $74.25 50% retracement point for the February-to-October uptrend. December delivery is trading at a discount to the January contract, with the 2019 market in modest backwardation. The relative strength index shows oversold pressure.

Crude Oil: The overnight WTI market was down $0.80 near $66.50. The spot-month contract is in a short-term downtrend, trading at a $65.74 two-month low this week. The spot-month contract is holding below previous support at the $67.44 200-day moving average, with support 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 down 0.9cts near $2.2690, although up from this week’s $2.2305 four-week low. The spot-month contract is again above support at the $2.2458 50% retracement point for the July-to-October uptrend, with support again found at the $2.1977 61.8% retracement point. Resistance is marked at the $2.2940 retracement point. The November through January contracts are trading near parity, with the forward curve then in seasonal backwardation. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was down 2.65cts near $1.7865 after trading at a fresh eight-month low of $1.7764. The spot-month contract has support 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 6.2cts at $3.140. The spot-month contract continues to trade between support at the $3.095 50% retracement point for the January-to-February downtrend and resistance 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.

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