While NYMEX Heating Oil is on an 11 day bullish trend, Today's session might suggest a slow down — NY Heating Oil trades at $3.39 per gallon, after ending yesterday at $3.38.
This uncertain state for NY Heating Oil is reflected by published market data as United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected at 8.41 million but down from preceding data of 18.96 million according to new data. United States Philadelphia Fed Manufacturing Index (Jan) came out at -8.9, while a consensus of analysts was expecting -11. United States Initial Jobless Claims beat analyst expectations of 214,000 and the previous reading of 205,000 with new data of 190,000.
As the trading day commences, technical analysis suggests Heating Oil's nearest support level is at $3.22. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Heating Oil Futures's upper Bollinger Band® is at $3.49, suggesting that a downward move may follow.
Overall, while NY Heating Oil has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Crude Oil moves 0.59% to trade around $80.8. Brent Crude Oil moves 0.48% to trade around $86.57.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Existing Home Sales (Dec) is expected today at 15:00 UTC.
NY Heating Oil is now trading 15.96% below its 3-month high of $4.94.