DTN’s Technical Analysis | ENERGY | DEC 6

Brent Crude Oil: The overnight market on ICE was down $1.50 near $60.15. The spot-month contract is down after testing resistance at the $63.96 38.2% retracement point for the 2016-to-2018 uptrend. Support is found at the $56.92 50% retracement point. The forward curve is in a contango market structure through August 2019 delivery. The relative strength index shows easing oversold pressure. Crude Oil: The overnight WTI market was down $1.50 near $51.45. The spot-month contract is again trading below the $51.48 50% retracement point for the 2016-to-2018 uptrend. Support is found at the $45.47 61.8% retracement point. The forward curve is in a contango market structure through October 2019 delivery. The relative strength index shows easing oversold market pressure. Distillates: The overnight market was down 3.3cts near $1.8560. The spot-month contract has support at $1.7727, the 61.8% resistance point for the 2017-to-2018 uptrend. The forward curve is in seasonal backwardation. The relative strength index shows an oversold market. RBOB Gasoline: The overnight market was down 4.0cts near $1.4050. The spot-month contract has support at the $1.3838 61.8% retracement point for the 2016-to-2017 uptrend. The forward curve is in a contango market structure through the first half of 2019. The relative strength index shows easing oversold pressure. Natural Gas: The overnight market was down 8.8cts at $4.381. The spot-month contract has support at the $4.363 23.6% retracement point for the 2018 uptrend. Resistance is found at the $4.929 November high. The forward curve moved into seasonal backwardation through May delivery. The…

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