DTN’s Technical Analysis | ENERGY | Sep 11

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

Brian Milne - DTN Energy Editor,
September 11, 2018

Brent Crude Oil: The overnight market on ICE was up $0.50 near $77.90, trading at a one-week high. The spot-month contract is again trading above retracement support at $76.11, with support again found at the $75.54 100-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, with the calendar spreads widening. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was $0.25 higher near $67.75 amid inside trade. The spot-month contract has 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 $65.42 200-day moving average. The forward curve in a bullish backwardated market structure, with the calendar spreads narrowing. The relative strength index shows a neutral market.

Distillates: The overnight market was up 1.25cts near $2.2300 amid inside trade. The spot-month contract is again trading above support at the $2.1961 and $2.1893 retracement points. Resistance is found at the recent 3-1/2 year high at $2.3093. The front end of the forward curve is in seasonal contango through January delivery. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 2.15cts near $1.9805, consolidating within Monday’s trade range. 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 0.6cts at $2.81, reversing off a fresh five-week low at $2.752 traded during Monday’s session. The spot-month contract is in a short-term downtrend. 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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