A quick look at yesterday: NY Heating Oil closed at $3.83 per gallon yesterday after ranging between $3.66 and $3.87.
Meanwhile, United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 77,000, while the previous figure was 94,400. United States CFTC Nasdaq 100 speculative net positions came out at 1,500. Fresh CFTC Crude Oil speculative net positions data from United States came out at 251,500.
Heating Oil could be slowing down soon as it approaches resistance at $3.92. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, NYMEX Heating Oil slid below its 21 day Simple Moving Average at $3.68 during the last session — an early indicator that a negative trend could be emerging.
Examining the technical analysis landscape, NYMEX Heating Oil is likely to reverse course and start pointing downward in the short term.
This rally in NY Heating Oil's price coincides with other Energy as Brent Crude Oil moves up 1.21% yesterday and closed at $92.38.
While Heating Oil Futures is higher so far today, these Energy commodities are underperforming: Natural Gas lost 6.83% yesterday and closed at $5.36.
Approximately 5 months ago, NY Heating Oil reached a significant high of $4.94 but has struggled to hold onto its gains and declined 24% since then.