After closing the previous trading day at $2.82, Heating Oil went up to $2.91 only to drop back; still positive overall today, now trading at $2.88 per gallon.
Nevertheless, Initial Jobless Claims in United States fell short of market expectations (190,000) with a reading of 196,000, continuing the decline from the previous figure of 183,000.
Heating Oil made an initial breakout above its 5 day Simple Moving Average at $2.82, a potential indicator of a newly emerging bullish phase. In contrast, Heating Oil could be slowing down soon; it is getting close to the resistance line and is now at $2.9, only 2 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems NYMEX Heating Oil might continue pointing upwards in the short term.
Rallies can also be seen in other Energy, Brent Crude Oil added 1.5% to its value, now trading at $85.77. Crude Oil gained 1.37% and is currently trading at $79.13.
Other Energy are showing mixed performance as Natural Gas moves 0.58% to trade around $2.44.
The current year has not been the best for Heating Oil Futures as it lost 16.26% from its highest point of $4.94.