While on a 26 day downtrend Today is looking a bit better: NYMEX Heating Oil trades at $2.29 per gallon, after ending yesterday at $2.29.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
This uncertain state for Heating Oil Futures is reflected by published market data as United States JOLTs Job Openings (Mar) released yesterday at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States API Weekly Crude Oil Stock came out at -3.94 million, while a consensus of analysts was expecting -1,000,000. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.
Trend analysis indicates that 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. According to momentum evaluation, the Relative Strength Index indicates Heating Oil Futures is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Heating Oil's upper Bollinger Band® is at $2.76 and the lower is $2.24.
Overall, the technical outlook suggests NYMEX Heating Oil is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen in other Energy as Natural Gas trades close to $2.22, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million, having previously been at -5 million. The figure will be published today at 14:30 UTC. United States Interest Rate is expected today at 18:00 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 240,000, following on from the preceding figure of 230,000. New data is set to be published tomorrow at 12:30 UTC.
The commodity has been trending lower for about 3 months. Over the past 6 months, Heating Oil has retreated 50.79% from a noteworthy peak of $4.65.