Currently trading at $3 per gallon, NY Heating Oil remains range-bound between $2.95 and $3.
United States Consumer Price Index is next today at 13:30 UTC.
At the same time, United States Federal Budget Balance (Nov) came out at -249 billion, while a consensus of analysts was expecting -248 billion. United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.625, while the previous figure was 4.14. United States 3-Year Note Auction came out at 4.093.
Chart analysis indicates Heating Oil could be slowing down soon; it is getting close to the resistance line and is now at $3.05, only 4 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
This rally in Heating Oil's price coincides with other Energy as having closed the previous session at $6.59, Natural Gas is up 3.76% today to currently trade at around $6.83. Brent Crude Oil is up 1.37%. Crude Oil gained 1.08% and is currently trading at $73.96.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million, having previously been at -5.19 million. The figure will be published tomorrow at 15:30 UTC.
Elsewhere, United States Consumer Price Index figure is projected at 0.3%. It previously stood at 0.4%; data will be released today at 13:30 UTC. United States Interest Rate is expected tomorrow at 19:00 UTC.
The commodity has been trending lower for about a month. 7 months ago Heating Oil Futures reached a significant high of $4.94 but has consequently lost 39.96% since then.