It's been more of the same this session on the back of 14 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, Heating Oil Futures is trading around $2.6 per gallon and ranging between $2.59 and $2.6.
Uncertainty around NY Heating Oil is reflected by published market data as United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -2.67 million, while the previous figure was 377,000. United States Housing Starts published yesterday at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure.
With regards to technical trend indicators, chart analysis show 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. Analysis based on the asset volatility indicates that Heating Oil's upper Bollinger Band® is at $2.78 and the lower is $2.58. Analysis of NYMEX Heating Oil's recent price action suggests Heating Oil Futures is approaching key support, around 2 cents away from $2.57. 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.
Overall, the technical outlook suggests Heating Oil Futures is likely to remain muted for the immediate future, with no clear-cut direction.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories projected to decline to -1 million while previous data was 597,000; data will be released today at 14:30 UTC. United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
The commodity has been trending lower for about 2 months. NYMEX Heating Oil traded as high as $4.94 before shedding 34.94% lower over the past six months.