While NYMEX Heating Oil in the midst of a 3 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing at $3.05 yesterday, NYMEX Heating Oil began today at $3.1 with significant bullish sentiment driving NYMEX Heating Oil's price action higher. So far today, price action has drawn out a distinct $3.02 to $3.1 range.
NYMEX Heating Oil is currently trading at $3.09 following the release of Building Permits (Nov) data from the United States.
Meanwhile, United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States Housing Starts (Nov) released today at 13:30 UTC with a figure of 1.43 million, while the previous figure was 1.43 million. United States Building Permits released today at 13:30 UTC with a figure of -11.2%, while the previous figure was -3.3%.
Chart analysis suggests Heating Oil could be slowing down soon; it is getting close to the resistance line and is now at $3.13, only 5 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
This rally in Heating Oil's price coincides with other Energy as Brent Crude Oil is up 0.88%.
While Heating Oil is appreciating, other Energy are comparatively not doing so well — Natural Gas is down to $5.39, losing 45.9 cents, after closing at $5.85 in the preceding trading session.
Moreover, macro data could boost sentiment further as United States Consumer Confidence is projected to outperform its last figure with 101, having previously been at 100.2. The figure will be published tomorrow at 15:00 UTC.
Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with -167,000 while previous data was 10.23 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States Existing Home Sales (Nov) is scheduled for tomorrow at 15:00 UTC.
Having soared to a high of $4.94 approximately 7 months ago, NYMEX Heating Oil is now trading 38.24% lower.