DTN’s Technical Analysis | ENERGY | Sep 7

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

Brian Milne - DTN Energy Editor,
September 7, 2018

Brent Crude Oil: The overnight market on ICE were slightly higher at $76.65, consolidating within Thursday’s trade range. The spot-month contract tested support at $76.11, the 61.8% retracement point for the June-to-August downtrend, trading at a $75.64 two-week low Thursday. Support is again found at the $75.47 100-day moving average. Resistance is at this week $79.72 better-than three-month high. 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 slightly higher near $67.95. The spot-month contract moved below support at the $68.85 100-day moving average and at the $68.05 61.8% retracement point for the June-to-July uptrend, trading at a $67.00 two-week low. Support is found at the $65.32 200-day moving average. The forward curve in a bullish backwardated market structure. The relative strength index shows a neutral market.

Distillates: The overnight market was up 0.25cts near $2.2115. The spot-month contract tested retracement support at $2.1961 and $2.1893, trading at a $2.1910 two-week low Thursday. The spot-month contract remains in a short-term uptrend, trading at a $2.3093 3-1/2 year high this week. 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 1.0cts near $1.9610. The spot-month contract is in a short-term downtrend, trading at a $1.9260 5-1/2 month low Thursday. Support is marked at $1.8923, the 61.8% retracement point for the February-to-May uptrend. The gasoline market is in a flattening backwardated market structure through January delivery. The relative strength index shows building oversold pressure.

Natural Gas: The overnight market was down 0.3cts at $2.769 and near a fresh five-week low at $2.764. The spot-month contract is in a short-term downtrend, settling below retracement at $2.786. Support is found at the $2.704 July low. The forward curve is in a contango market structure through January delivery. The relative strength index shows building oversold pressure.

*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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