DTN’s Technical Analysis | ENERGY | Sep 10

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

Brian Milne - DTN Energy Editor,
September 10, 2018

Brent Crude Oil:The overnight market on ICE was $0.65 higher at $77.50. The spot-month contract tested retracement support at $76.11 last week, trading at a $75.64 two-week low. Support is again found at the $75.50 100-day moving average. Resistance is at last week’s $79.72 better-than three-month high. The forward curve is in a bullish backwardated market structure. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was $0.50 higher at $68.25. The spot-month contract is testing resistance at $68.74, the 38.2% retracement point for the August-to-September uptrend. Support is marked at the $67.09 retracement point for the same trend, and again at the $65.37 200-day moving average. The forward curve in a bullish backwardated market structure. The relative strength index shows a neutral market.

Distillates: The overnight market was up 1.0cts near $2.2275. The spot-month contract tested retracement support at $2.1961 and $2.1893, trading at a $2.1910 two-week low late last week. Resistance is found at last week’s $2.3093 3-1/2 year high. The front end of the forward curve is in flattening seasonal contango through year-end. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 1.75cts near $1.9875. The spot-month contract is in a short-term downtrend, trading at a $1.9260 5-1/2 month low last week. After the low, support is marked at the 61.8% retracement point for the February-to-May uptrend at $1.8923. The gasoline market is in a flattening backwardated market structure through January delivery. The relative strength index shows building oversold pressure.

Natural Gas: The overnight market was up 0.3cts at $2.779. The spot-month contract is in a short-term downtrend, trading at a five-week low at $2.759 late last week. Support is found at the $2.704 July low. The forward curve is in a contango market structure through January delivery. The relative strength index shows building oversold pressure.

*For technical analysis of monthly (long-term) and weekly (intermediate-term) trends see DTN’s Technically Speaking blog on your ProphetX system.

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