DTN’s Technical Analysis | ENERGY | Sep 20

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

Brian Milne - DTN Energy Editor,
September 20, 2018

Brent Crude Oil: The overnight market on ICE was $0.25 lower near $79.15. The spot-month contract continues to hold below resistance at the recent $80.13 3-1/2 month high, trading at a $79.83 one-week high overnight. Retracement support is marked at $77.24. Additional support is found at the $75.88 100-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 up $0.20 near $71.30, trading at a $71.81 10-week high overnight ahead of the October contract’s expiration this afternoon. The spot-month contract settled in front of the $71.13 61.8% retracement point for the July-to-August downtrend Wednesday, ending the session at $71.12. Resistance is marked at $72.51, the 23.6% retracement point for the June-to-July uptrend. Support is marked at the $68.92 100-day moving average, and the $68.53 double bottom. 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 $2.2450. 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 January delivery. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was down 0.25cts near $2.0195, reversing lower from a $2.0354 one-week high. The spot-month contract is testing resistance at the $2.0248 50% retracement point for the May-to-September downtrend, with resistance again found at the 38.2% retracement point at $2.0633. Support is found at the $1.9821 200-day moving average and the $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 1.4cts at $2.922, edging off Wednesday’s nearly four-week high at $2.948. The spot-month contract is trading on either side of the $2.920 61.8% retracement point for the June-to-July downtrend. 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 2.5cts 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.