DTN’s Technical Analysis | ENERGY | Sep 17

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

Brian Milne - DTN Energy Editor,
September 17, 2018

Brent Crude Oil: The overnight market on ICE was up $0.50 near $78.60 amid inside trade. The spot-month contract is in a near-term uptrend, trading at an $80.13 3-1/2 month high last week. Support is marked at the $77.24 retracement point, and again at the $75.71 100-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 $0.50 near $69.50, consolidating within Friday’s trade range. Support is found at the $67.92 retracement point for the August-to-September uptrend, and again at the $65.65 200-day moving average. The spot-month contract is in a near-term uptrend, settling at a $70.30 two-month high last week. 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 $2.2195 amid inside trade. The spot-month contract is in a near-term uptrend, settling at a $2.2577 3-1/2 month high last 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 up 2.25cts near $1.9950, consolidating within Friday’s trade range. The spot-month contract has support at the $1.9795 200-day moving average and the September low at $1.9260. Retracement resistance is found at $2.0425. 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 2.0cts at $2.787 amid inside trade. The spot-month contract has resistance at the $2.878 50% retracement point for the June-to-July downtrend. Support is found at the recent $2.752 five-week low, and again at the $2.704 July low. The forward curve is in seasonal contango. 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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