DTN’s Technical Analysis | ENERGY | Sep 19

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

Brian Milne - DTN Energy Editor,
September 19, 2018

Brent Crude Oil: The overnight market on ICE was modestly lower near $78.95, consolidating within Tuesday’s outside up trade session. The spot-month contract has resistance at the recent $80.13 3-1/2 month high and retracement support at $77.24. Additional support is found at the $75.82 100-day moving average. 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 flat at $69.85 after reversing off this week’s $68.53 double bottom. The spot-month contract is in a near-term uptrend, trading above the $68.92 100-day moving average. Resistance is found at the $71.40 September high, with retracement support marked at $67.92. The forward curve in a bullish backwardated market structure, with the October contract set to expire Thursday afternoon. The relative strength index shows a neutral market.

Distillates: The overnight market was down 0.8cts near $2.2275 amid inside trade. The spot-month contract is in a seasonal uptrend, with resistance found at the recent 3-1/2 year high of $2.3093. Support is marked 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 February delivery. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 0.25cts near $2.0065, consolidating within Tuesday’s trade range. The spot-month contract moved above the $1.9821 200-day moving average, and tested resistance at the $2.0248 50% retracement point for the May-to-September downtrend. 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 0.3cts at $2.936, trading near a $2.939 nearly four-week high. The spot-month contract raced through the 38.2% and 50% retracement points for the June-to-July downtrend, trading just above the $2.920 61.8% retracement point. Resistance is marked at the $2.993 August high. Support is found at the recent $2.752 five-week low. The October contract holds a 4.0cts 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.

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