Currently trading at $3.84 per gallon, Heating Oil remains range-bound between $3.74 and $3.9.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
Although Heating Oil is appreciating today after rising as high as $3.9, price action is now slowing and consolidating around 2 cents below the $3.86 resistance level. Despite posting gains so far today, Heating Oil slid below its 200 day Simple Moving Average at $3.75 in earlier trade — an early indicator that a negative trend could be emerging.
Heating Oil Futures is likely to reverse course and start pointing downward in the short term.
Though Heating Oil Futures is going up, other Energy are underperforming — after ending yesterday’s session at $6.94, Natural Gas lost 71.7 cents and is trading around $6.23. Crude Oil is trading around $91.1 (down $1.16).
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million, having previously been at -3.12 million. The figure will be published tomorrow at 15:30 UTC.
Also worthy of note, United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
The past 3 months have been positive for Heating Oil Futures as it added 18.94% compared to its 3-month low of $2.06.