After closing at $3.64 yesterday, Heating Oil Futures opened today at $3.63, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Heating Oil Futures retains a distinct $3.57 to $3.67 daily range.
United States's Crude Oil Inventories new data released of -5.4 million below its previous figure.
United States Crude Oil Inventories published today at 15:30 UTC came out at -5.4 million, falling short of the -440,000 projections and continuing its decline from the previous 3.92 million figure.
On the flip side, highly important Core Retail Sales data from United States beat analyst expectations of 0.4% with a reading of 1.3%. Highly important Retail Sales data from United States beat analyst expectations of 1% with a reading of 1.3%.
Heating Oil made an initial break below its 5 day Simple Moving Average at $3.62, a possible indication of a forthcoming negative trend. Heating Oil Futures formed a session range of $3.57 to $3.67 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $3.62. On the other hand, note that Heating Oil could begin to recover as it approaches significant support, now 4 cents away from $3.55. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems NYMEX Heating Oil is likely to continue pointing down in the short term.
Taking a look at other Energy commodities, negative performances are evident as after ending yesterday's session at $87.05, Crude Oil lost $1.46 and is trading around $85.58. Brent Crude Oil is down to $92.54, losing $1.32, after closing at $93.86 in the preceding trading session. Natural Gas closed at $5.89 (down 2.44%).
Furthermore, United States Philadelphia Fed Manufacturing Index (Nov) is scheduled for tomorrow at 13:30 UTC. United States Building Permits (Oct) is expected tomorrow at 13:30 UTC. United States Initial Jobless Claims is expected tomorrow at 13:30 UTC.
Approximately 6 months ago, Heating Oil Futures reached a significant high of $4.94 but has struggled to hold onto its gains and declined 26.35% since then.