After closing the previous trading day at $2.24, Heating Oil is up to $2.28 per gallon, which makes for a move of 1.95%/4.36 cents today.
New United States Average Hourly Earnings improved upon the previous 0.3% figure while also exceeding analyst expectations with a reading of 0.5%.
This move comes while some more positive signs for NYMEX Heating Oil are out as highly important Average Hourly Earnings data from United States beat analyst expectations of 0.3% with a reading of 0.5%. United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 165,000 with new data of 253,000. Highly important Unemployment Rate data from United States beat analyst expectations of 3.6 with a reading of 3.4.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that NY Heating Oil's lower Bollinger Band® is at $2.17, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Heating Oil is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other Energy also shows upside as Brent Crude Oil gained 2.33% and is currently trading at $74.19. Having closed the previous session at $68.56, Crude Oil is up 2.44% today to currently trade at around $70.23.
The commodity has been trending lower for about 3 months. NYMEX Heating Oil is now trading 1.22% above the significant low ($2.21) it slumped to 2 days ago.