NYMEX Heating Oil dropped 11.21 cents to $2.8, reaching its lowest point in 9 months.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -5.19 million.
United States Crude Oil Inventories released earlier showed a marked improvement to -5.19 million from the preceding data of -12.58 million, but fell short of the -3.31 million figure forecast by a consensus of market analysts.
While price action maintains a negative bias, United States Cushing Crude Oil Inventories came out at -373,000, while a consensus of analysts was expecting -841,000. United States Unit Labor Costs (QoQ) (Q3) released today at 13:30 UTC with a figure of 2.4, while the previous figure was 3.5.
NYMEX Heating Oil's notable support and resistance levels: Heating Oil broke through the $2.85 support line and dropped 5 cents below it. Trend-focused traders would be interested to note 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. Momentum evaluation shows that 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. According to asset volatility analysis, Heating Oil's lower Bollinger Band® is at $2.88, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Heating Oil Futures will remain range-bound for the immediate future.
Taking a look at other Energy commodities, negative performances are evident as Crude Oil slips 1.98% to trade around $72.78. Brent Crude Oil goes down 1.64% to trade around $78.05.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 230,000 while previous data was 225,000; data will be released tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. 7 months ago NYMEX Heating Oil reached a significant high of $4.94 but has consequently lost 41.03% since then.