Struggling to find upward momentum, NY Heating Oil has shed 3.78 cents to currently trade at $3.43 per gallon as it ranges between $3.42 and $3.51 so far today.
Heating Oil Futures is currently trading at $3.43 following the release of Building Permits data from the United States.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -4.8 million, while the previous figure was -5.83 million. Fresh 7-Year Note Auction data from United States came out at 3.89.
Despite being in the red so far in the current trading session, Heating Oil peaked above its 3 day Simple Moving Average around $3.5 — typically an early indicator of a new bullish trend beginning to emerge. In contrast, NYMEX Heating Oil fell below the $3.46 support zone and moved 3 cents beyond it; the next level of support with significant buyer interest is estimated at $3.46.
Technical analysis shows that Heating Oil (currently on a downtrend) might reverse course and start going up in the short term.
Taking a look at other Energy commodities, negative performances are evident as Brent Crude Oil is down $2.6 from the beginning of the session and now trades around $85.76. After ending yesterday's session at $80.95, Crude Oil lost $2.09 and is trading around $78.86.
Positive performances can be seen by looking at other Energy markets as having closed the previous session at $6.78, Natural Gas is up 6.73% today to currently trade at around $7.24.
Moreover, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1 million, having previously been at -5.4 million. The figure will be published today at 15:30 UTC.
Furthermore, United States New Home Sales (Oct) is expected today at 15:00 UTC.
NYMEX Heating Oil is now trading 29.79% below the significant high of $4.94 it set around 6 months ago.