NYMEX Heating Oil is down to $2.63 per gallon, after ending yesterday at $2.67. Overall, a 1.35% loss or 3.61 cents today.
Non Farm Payrolls data from United States will be released today at 13:30 UTC with analysts expecting a decline to 205,000. Potentially significant price fluctuations in Heating Oil are expected to follow.
Following a previous reading of 190,000, Initial Jobless Claims in United States released yesterday at 13:30 UTC fell short of the 195,000 figure expected by analysts with an actual reading of 211,000.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Heating Oil Futures has just crossed the lower Bollinger Band® at $2.65, indicating further losses could be forthcoming.
Looking forward, Heating Oil Futures is poised to extend its strong downtrend and continue declining.
Taking a look at other Energy commodities, negative performances are evident as after ending yesterday's session at $2.54, Natural Gas lost 6.5 cents and is trading around $2.48. Crude Oil closed at $74.96 (down 1%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 517,000. New data is set to be published today at 13:30 UTC.
Furthermore, United States Unemployment Rate is expected today at 13:30 UTC.
The commodity has been trending lower for about a month. The current year has not been the best for Heating Oil as it lost 20.55% from its highest point of $4.94.