NY Heating Oil trades at $2.73 per gallon, after ending yesterday at $2.71.
United States Initial Jobless Claims is next today at 13:30 UTC.
This uncertain state for NYMEX Heating Oil is reflected by published market data as United States API Weekly Crude Oil Stock came out at 9.89 million, while a consensus of analysts was expecting 1.23 million. United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.109, while the previous figure was 3.53.
Trend-following investors 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. Asset volatility analysis shows that Heating Oil's upper Bollinger Band® is at $3.05 and the lower is $2.63.
The current technical outlook indicates NYMEX Heating Oil will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.3% to trade around $80.84. Crude Oil moves 0.3% to trade around $74.17.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as projections for United States Crude Oil Inventories are set for a continuation of decline with 2 million while previous data was 16.28 million; data will be released today at 16:00 UTC. United States Core PCE Price Index (MoM) (Jan) is expected tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 194,000; data will be released today at 13:30 UTC.
The commodity has been trending lower for about 30 days. This year has been a gloomy one for Heating Oil after trading as high as $4.94 and going on to lose 19.27% of its value.