Tentatively higher from an earlier low of $3, NY Heating Oil is up to $3.11 per gallon today, adding 7.73 cents, or 2.55%, to yesterday's closing price of $3.04.
NYMEX Heating Oil is currently trading at $3.11 following the release of EIA Short-Term Energy Outlook data from the United States.
Meanwhile, United States API Weekly Crude Oil Stock released today at 21:30 UTC with a figure of 14.87 million, while the previous figure was 3.30 million. United States 3-Year Note Auction came out at 3.977.
Heating Oil made an initial breakout above its 5 day Simple Moving Average at $3.08, a potential indicator of a newly emerging bullish phase. Heating Oil Futures formed a session range of $3 to $3.16 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $3.07. Heating Oil broke through the $3.1 resistance, climbing 2 cents above it.
Overall, looking at the technical analysis landscape, it seems Heating Oil Futures might continue pointing upwards in the short term.
At the same time, Natural Gas is down to $3.56, losing 34.5 cents, after closing at $3.91 in the preceding trading session.
Furthermore, the market is looking at United States Crude Oil Inventories projected to decline to -2.24 million while previous data was 1.69 million; data will be released tomorrow at 15:30 UTC.
The current year has not been the best for NYMEX Heating Oil as it lost 9.7% from its highest point of $4.94.