DTN’s Technical Analysis | ENERGY | Oct 29

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

Brian Milne - DTN Energy Editor,
October 29, 2018

Brent Crude Oil: The overnight market on ICE was little changed at $77.50. The spot-month contract is in a short-term downtrend, trading at a $75.11 two-month low last week. Support is marked at the $74.25 50% retracement point for the February-to-October uptrend. The front end of the forward curve is flat through the first quarter 2019, with the market structure than in backwardation. The relative strength index shows oversold pressure.

Crude Oil: The overnight WTI market was little changed at $67.50. The spot-month contract is in a short-term downtrend, trading at a $65.74 two-month low last week. The spot-month contract is trading near previous support at the $67.46 200-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 1.75cts near $2.2850. The spot-month contract is in a short-term downtrend, trading at a $2.2305 four-week low last week and below retracement support at $2.2458. Support is again found at the $2.1977 61.8% retracement point for the July-to-October uptrend. 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 flat near $1.8145. The spot-month contract is in a short-term downtrend, trading at an eight-month low of $1.7670 last week. Support is marked 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 6.9cts at $3.116. The spot-month contract is again 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 contango. The relative strength index shows a neutral market.

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