It's been more of the same this session on the back of 5 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, NY Heating Oil is trading around $2.67 per gallon and ranging between $2.66 and $2.69.
United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.
This uncertain state for NY Heating Oil is reflected by published market data as United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -4.35 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
Heating Oil is approaching key support, around 5 cents away from $2.62. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Heating Oil Futures made an initial breakout above its 5 day Simple Moving Average at $2.69, a potential indicator of a newly emerging bullish phase. Heating Oil Futures's upper Bollinger Band® is at $2.94 and the lower is $2.6.
Despite muted price action in NYMEX Heating Oil, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas trades around $2.11, with no major change.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC. United States ADP Nonfarm Employment Change (Mar) scheduled to come out today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released today at 14:00 UTC.
The commodity has been trending lower for about 2 months. So far this year, NYMEX Heating Oil has declined 20.43% while touching highs around $4.94 earlier this year.