DTN’s Technical Analysis | ENERGY | Sep 12

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

Brian Milne - DTN Energy Editor,
September 12, 2018

Brent Crude Oil: The overnight market on ICE was up $0.25 near $79.30. The spot-month contract is testing resistance at last week’s $79.72 better-than three-month high, trading at $79.66 overnight. Resistance is then found at the $80.50 May high. Retracement support is marked at $76.11, with support again found at the $75.60 100-day moving average. 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 $0.65 higher at $69.90. The spot-month contract moved above resistance at $68.74, the 38.2% retracement point for the August-to-September uptrend, and is testing retracement resistance at $69.76, trading at $70.14 overnight. Support is marked at the $67.09 retracement point for the same trend, and again at the $65.48 200-day moving average. The forward curve in a bullish backwardated market structure, with the calendar spreads widening. The relative strength index shows a neutral market.

Distillates: The overnight market was up 0.25cts near $2.2550. The spot-month contract has bounced off retracement support at $2.1961, with resistance 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 0.95cts near $2.0235. The spot-month contract has moved above retracement resistance at $2.0137, with resistance now marked at $2.0408 and again at $2.0678. Support is found at the $1.9761 200-day moving average and at last week’s 5-1/2 month low at $1.9260. The gasoline market is in a flattening backwardated market structure through January delivery. The relative strength index shows a neutral market.

Natural Gas: The overnight market was up 1.0cts at $2.838. The spot-month contract reversed off this week’s five-week low at $2.752 to trade at a $2.843 one-week high. The spot-month contract is testing resistance at the $2.837 38.2% retracement point for the June-to-July downtrend, with resistance again marked at the $2.878 50% retracement point. Support is found at the $2.704 July low. The October contract is trading at near parity to November delivery, with the forward curve in seasonal contango from November to January delivery. 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.

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