Heating Oil Futures trades at $2.92 per gallon, after ending yesterday at $2.9.
United States Crude Oil Inventories is next.
Uncertainty around NYMEX Heating Oil is reflected by published market data as United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -2.18 million, while the previous figure was 6.33 million. Fresh 3-Year Note Auction data from United States came out at 4.073. United States Trade Balance (Dec) came out at -67.4 billion, while a consensus of analysts was expecting -68.5 billion.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored.
Despite the market lacking direction, technical chart analysis strongly suggests NYMEX Heating Oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas is up 2.36%. Crude Oil moves 0.32% to trade around $77.39.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to 2.46 million while its preceding data was 4.14 million, data will be available today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 190,000 from the preceding figure of 183,000.
Heating Oil Futures hit a significant low of $2.77 around 2 days ago, but has since recovered 4.9%.