DTN’s Technical Analysis | ENERGY | Sep 14

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

Brian Milne - DTN Energy Editor,
September 14, 2018

Brent Crude Oil: The overnight market on ICE was little changed near $78.25, consolidating with Thursday’s trade range. The spot-month contract is in a near-term uptrend, trading at an $80.13 3-1/2 month high this week. Support is marked at the $77.24 retracement point, and again at the $75.68 100-day moving average. 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 up $0.25 near $68.90 amid inside trade. Support is marked at the $67.92 retracement point for the August-to-September uptrend, and again at the $65.59 200-day moving average. The spot-month contract is in a near-term uptrend, settling at a $70.30 two-month high this week. The forward curve in a bullish backwardated market structure. The relative strength index shows a neutral market.

Distillates: The overnight market was down 0.25cts near $2.2215. The spot-month contract is in a near-term uptrend, settling at a $2.2577 3-1/2 month high this week. 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 0.75cts near $1.9850. The spot-month contract has dropped back after testing retracement resistance at $2.0425 this week. Support is found at the $1.9782 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 down 0.9cts at $2.808. The spot-month contract reversed down after testing resistance at the $2.878 50% retracement point for the June-to-July downtrend this week. Support is found at this week’s $2.752 five-week low, and again at the $2.704 July low. The October contract is trading at a slight premium 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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