DTN’s Technical Analysis | ENERGY | Sep 21

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

Brian Milne - DTN Energy Editor,
September 21, 2018

Brent Crude Oil: The overnight market on ICE was $0.75 higher near $79.50, consolidating within Thursday’s trade range. The spot-month contract is again testing resistance at the $80.13 3-1/2 month high, trading $79.55 overnight. Retracement support is marked at $77.24. Additional support is found at the $75.92 100-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 $0.50 near $70.75, as November delivery takes over as the front month contract. The spot-month contract is in a short-term uptrend, trading at a $71.81 10-week high Thursday. Resistance is marked at the $72.51 23.6% retracement point for the June-to-July uptrend. Support is found at the $68.99 100-day moving average, and this week’s $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 up 2.0cts near $2.2490 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 January delivery. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 2.0cts near $2.0345. The spot-month contract is trading above resistance at the $2.0248 50% retracement point for the May-to-September downtrend, with resistance now at the 38.2% retracement point at $2.0633. Support is found at the $1.9854 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 down 2.6cts at $2.950. The spot-month contract moved into a short-term uptrend this week, trading at a $2.991 four-week high Thursday. Resistance is marked at the $2.993 August high and the $3.053 June high. Support is found at the recent $2.752 five-week low. November delivery continues to narrow its discount to the October contract, 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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