Heating Oil Futures is down to $2.87 per gallon, after ending yesterday at $2.89. Overall, a 0.72% loss or 2.08 cents today.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
While price action maintains a negative bias, data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Heating Oil's upper Bollinger Band® is at $2.95 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, it seems Heating Oil Futures is likely to start pointing downward in the short term.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at -308,000 — worse than previous data of 1.17 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) will be released tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) scheduled to come out tomorrow at 15:00 UTC.
The commodity has been trending lower for about a month. NYMEX Heating Oil hit a significant low of $2.71 around 13 days ago, but has since recovered 6.35%.