Late into the session, Heating Oil loses 7.38 cents (2.92%), currently trading at $2.46 per gallon.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
Following a previous reading of 104, Consumer Confidence in United States released today at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released today at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Despite being in the red so far in the current trading session, Heating Oil peaked above its 5 day Simple Moving Average around $2.53 — typically an early indicator of a new bullish trend beginning to emerge. First developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In NY Heating Oil's case, the RSI has fallen below 30, indicating the asset is oversold. Heating Oil Futures's lower Bollinger Band® is at $2.45, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, Heating Oil could begin to recover as it approaches significant support, now 2 cents away from $2.48. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems NY Heating Oil is set to appreciate despite today's setback.
Taking a look at other Energy commodities, negative performances are evident as Brent Crude Oil stumbles 2.31% to trade around $80.63. Crude Oil is down to $76.85, losing $1.91, after closing at $78.76 in the preceding trading session. After ending yesterday's session at $2.27, Natural Gas lost 4.1 cents and is trading around $2.23.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
The commodity has been trending lower for about 2 months. Heating Oil is now trading 26.28% below its 3-month high of $4.94.