DTN’s Technical Analysis | ENERGY | Sep 24

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

Brian Milne - DTN Energy Editor,
September 24, 2018

Brent Crude Oil: The overnight market on ICE was up almost $2, trading near an $80.94 three-year, ten-month high. The spot-month contract moved through the $80.49-$80.50 double top reached in May, with resistance now found at the 81.86 61.8% retracement point for downtrend from the June 2014 high-to-January 2016 low. Resistance is again marked at the $88.77 61.8% retracement point for the June 2014 high-to-January 2015 low. 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 $1.25 near $72, trading at a fresh better-than 10-week high at $72.39. The spot-month contract is in a short-term uptrend, testing resistance at the $72.51 23.6% retracement point for the June-to-July uptrend. Resistance is again found at the $75.27 July high. Support is found at the $69.03 100-day moving average, and last 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 4.75cts at $2.2735, trading near a $2.2781 three-week high. 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 3.5cts near $2.0525. The spot-month contract is testing resistance at the $2.0633 38.2% retracement point for the May-to-September downtrend, trading at a nearly four-week high at $2.0650. Support is found at the $1.9872 200-day moving average. 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 0.7cts at $2.970 in consolidation trade after trading at a $2.991 four-week high late last week. The spot-month contract is in a short-term uptrend, with resistance marked at the $2.993 August high and the $3.053 June high. Retracement support is found at $2.878 and $2.837. October and November delivery are trading near parity ahead of the October contract’s expiration Wednesday (9/26) afternoon, with the calendar spreads in seasonal contango through January delivery. 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.