After closing the previous trading day at $4.19, NYMEX Heating Oil is up to $4.49 per gallon, which makes for a move of 7.21%/30.21 cents today.
United States ISM Manufacturing PMI (Oct) is next today at 14:00 UTC.
Meanwhile, United States OPEC Crude Oil Production Algeria (Barrel) released yesterday at 15:00 UTC with a figure of 1 million, while the previous figure was 1 million. Fresh OPEC Crude Oil Production Congo (Barrel) data from United States came out at 270,000. United States OPEC Crude Oil Production Gabon (Barrel) came out at 200,000.
Trend-focused traders would be interested to note that investors are seeking long positions as Heating Oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Heating Oil's upper Bollinger Band® is at $4.48, this is a slight indication of a slowdown.
All in all, the technical analysis suggests Heating Oil has no clear-cut direction.
This rally in NYMEX Heating Oil's price coincides with other Energy as Crude Oil rises 1.78% to trade around $88.47.
At the same time, Natural Gas draws back 2.2% to trade around $6.21.
Other Energy are showing mixed performance as Brent Crude Oil trades around $95.24, with no major change.
Also worthy of note, tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 267,000 from the preceding figure of 2.59 million.
The market is looking forward to the release of new data: United States Interest Rate figure is projected at four. It previously stood at 3.25; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Oct) is expected tomorrow at 12:15 UTC.
The commodity has been trending positively for about a month. The past 3 months have been positive for NY Heating Oil as it added 40.69% compared to its 3-month low of $2.06.