Without a clear-cut direction, NYMEX Heating Oil is trading around $3.31 per gallon and ranging between $3.31 and $3.31.
Uncertainty around Heating Oil Futures is reflected by published market data as highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2. United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released yesterday at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
As the day gets underway, chart analysis suggests Heating Oil is approaching key support, around 14 cents away from $3.17. 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.
Meanwhile, mixed performances are seen in other Energy as Crude Oil is up 0.96%. Brent Crude Oil is up 0.66%.
Furthermore, the market is looking at United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Core PCE Price Index (MoM) (Oct) is expected tomorrow at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
The commodity has been trending lower for about a month. NYMEX Heating Oil is now trading 17.4% below its 3-month high of $4.94.