Heating Oil Futures is down to $3.11 per gallon, after ending yesterday at $3.14. Overall, a 1.04% loss or 3.26 cents today.
Heating Oil Futures is currently trading at $3.11 following the release of ADP Nonfarm Employment Change (Jan) data from the United States.
Following a previous reading of 109, Consumer Confidence in United States released yesterday at 15:00 UTC fell short of the 109 figure expected by analysts with an actual reading of 107.1.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.33 million, while the previous figure was 3.38 million. United States Chicago PMI (Jan) came out at 44.3, while a consensus of analysts was expecting 45.
Bollinger Bands® shows an indication of recovery: the lower band is at $3, a low enough level to, generally, suggest that Heating Oil is trading below its fair value.
Despite suffering losses in today's session, technical analysis is indicating that NYMEX Heating Oil will undergo a significant bounce in the immediate term.
Energy have been showing mixed performances as Crude Oil trades close to $79.17, with no major change.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 376,000 from the preceding figure of 533,000.
Furthermore, United States Interest Rate is expected today at 19:00 UTC. United States JOLTs Job Openings (Dec) is scheduled for today at 15:00 UTC.
Heating Oil is now trading 23.97% below its 3-month high of $4.94.