DTN’s Technical Analysis | ENERGY | Sep 6

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

Brian Milne - DTN Energy Editor,
September 6, 2018

Brent Crude Oil: The overnight market on ICE was up $0.25 near $77.50. The spot-month contract fell back from its test of resistance at the $79.70 June high, trading at a $79.72 better-than three-month high Tuesday. The short-term trend is up, with resistance again found at the $80.50 May high. Support is marked at the $75.45 100-day moving average. The forward curve is in a bullish backwardated market structure. The relative strength index shows fading overbought pressure.

Crude Oil: The overnight WTI market was flat near $68.75. The spot-month contract is testing support at the $68.84 100-day moving average, with support again found at the $68.05 61.8% retracement point for the June-to-July uptrend. The spot-month contract fell back after testing retracement resistance at $70.81 and $72.51 this week, trading at a $71.40 better-than seven-week high Tuesday. The market remains in a short-term uptrend, with the forward curve in a bullish backwardated market structure. The relative strength index shows a neutral market.

Distillates: The overnight market was up 0.35cts near $2.2380. The spot-month contract is in a short-term uptrend, trading at a $2.3093 3-1/2 year high this week. After this week’s high, resistance is found at $2.3514, the February 2015 high on the spot continuation chart. Retracement support remains at $2.1961 and $2.1893. The front end of the forward curve is in a tightening contango market structure through January delivery. The relative strength index shows modest overbought market pressure.

RBOB Gasoline: The overnight market was up 1.0cts near $1.9750. The spot-month contract is in a short-term downtrend, trading at a $1.9550 five-month low. Support is found at the $1.9363 April 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 0.6cts at $2.789, trading at a $2.783 five-week low. The spot-month contract is in a short-term downtrend, testing retracement support at $2.786, the 23.6% retracement point for the June-to-July downtrend. Support is again found at the $2.704 July low. The forward curve is in a contango market structure 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.