DTN’s Technical Analysis | ENERGY | Sep 18

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

Brian Milne - DTN Energy Editor,
September 18, 2018

Brent Crude Oil: The overnight market on ICE was up $1.15 at $79.20. The spot-month contract reversed higher after testing retracement support at $77.24. Additional support is found at the $75.77 100-day moving average. Resistance is at the $80.13 3-1/2 month high. The spot-month contract is in a near-term uptrend. 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 $1.00, trading just below $70. The spot-month contract reversed higher after trading at Monday’s $68.53 intraday low, with retracement support marked at $67.92. 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 3.35cts near $2.2400. The spot-month contract reversed higher after testing support at $2.1961, the 23.6% retracement point for the February-to-September uptrend. Resistance is found at the recent 3-1/2 year high of $2.3093. The spot-month contract is in a near-term uptrend, settling at a $2.2577 3-1/2 month high last week. The front end of the forward curve is in seasonal contango through February delivery. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 2.8cts near $2.0055. The spot-month contract is testing resistance at $2.0108, the 23.6% retracement point for the May-to-September downtrend. Resistance is again found at the $2.0248 50% retracement point for the same trend. Support is found at $1.9260 September low. 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 0.6cts at $2.820. The spot-month contract is testing resistance at the $2.837 38.2% retracement point for the June-to-July downtrend. Resistance is again marked at the $2.878 50% retracement point for the same trend. Support is found at the recent $2.752 five-week low, and again at the $2.704 July low. The October contract continues to trade at a premium to November delivery, with the calendar spreads from November to January delivery 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.

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