DTN’s Technical Analysis | ENERGY | Sep 13

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

Brian Milne - DTN Energy Editor,
September 13, 2018

Brent Crude Oil: The overnight market on ICE was down $0.60 near $79.15. The spot-month contract is in a near-term uptrend, trading at an $80.13 3-1/2 month high Wednesday. The spot-month contract pulled back after testing resistance at the $80.50 May high. Retracement support is marked at $77.24, with support again found at the $75.65 100-day moving average. The forward curve is in a bullish backwardated market structure, with the calendar spreads narrowing. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was $1.00 lower near $69.40. The spot-month contract is in a near-term uptrend, settling at a $70.30 two-month high Wednesday. The spot-month contract pulled back after testing resistance at the recent intraday high of $71.40. Support is marked at the $67.09 retracement point for the August-to-September uptrend, and again at the $65.54 200-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 down 0.5cts near $2.2530. The spot-month contract is in a near-term uptrend, settling at a $2.2577 3-1/2 month high on Wednesday. Resistance is found at the recent 3-1/2 year high of $2.3093, with support at the $2.1961 23.6% retracement point for the February-to-September uptrend. 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 down 1.0cts near $2.0230. The spot-month contract is again testing retracement resistance at $2.0425, with additional resistance marked at $2.0525. Support is found at the $1.9773 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 1.1cts at $2.84. The spot-month contract tested resistance at the $2.878 50% retracement point for the June-to-July downtrend Wednesday. The spot-month contract has support at this week’s five-week low at $2.752, and again 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.

Click here for more information onDTN ProphetX®, or here for a free trial of DTN ProphetX® Energy Edition.