After closing the previous trading day at $2.71, NY Heating Oil is up to $2.75 per gallon, which makes for a move of 1.18%/3.21 cents today.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected decline to 0.3%.
Heating Oil's lower Bollinger Band® is at $2.67, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems Heating Oil Futures might continue pointing upwards in the short term.
Rallies can also be seen in other Energy, having closed the previous session at $77.45, Brent Crude Oil is up 1.16% today to currently trade at around $78.35. Having closed the previous session at $71.33, Crude Oil is up 1.22% today to currently trade at around $72.2.
Also worthy of note, United States Retail Sales projected to decline to -0.3% while previous data was 3%; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 2.3%. Projections for United States Producer Price Index are set for a continuation of decline with 0.3% while previous data was 0.7%; data will be released today at 12:30 UTC.
The commodity has been trending lower for about a month. So far this year, Heating Oil Futures has declined 17.87% while touching highs around $4.94 earlier this year.