Heating Oil Futures trades at $2.5 per gallon, after ending yesterday at $2.49.
Heating Oil Futures's state is reflected by market data as United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2. Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 245,000, continuing the decline from the previous figure of 240,000.
Trend and momentum analysis indicates that 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. Analysis based on the asset volatility indicates that Heating Oil Futures's upper Bollinger Band® is at $2.79 and the lower is $2.51.
Overall, the technical outlook suggests Heating Oil Futures is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen in other Energy as after ending yesterday's session at $79.16, Crude Oil lost $1.87 and is trading around $77.29. Natural Gas is down to $2.2, losing 5.1 cents, after closing at $2.25 in the preceding trading session.
The commodity has been trending lower for about 2 months. NYMEX Heating Oil is now trading 28.04% below its 3-month high of $4.94.