It's been more of the same this session on the back of 10 days of flat trade, Today's session so far looks to be heading in a similar way — NY Heating Oil trades at $2.67 per gallon, after ending yesterday at $2.67.
United States Retail Sales is next.
NYMEX Heating Oil's state is reflected by market data as highly important Producer Price Index data from United States beat analyst expectations of 0.1% with a reading of -0.5%. Following a previous reading of 228,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 232,000 figure expected by analysts with an actual reading of 239,000. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.
Heating Oil's upper Bollinger Band® is at $2.84 and the lower is $2.59.
Despite muted price action in Heating Oil, chart analysis indicates it is positioned for a bullish run in the short term.
Furthermore, the market is looking at United States Core Retail Sales expected to decline to -0.3% while its preceding data was -0.1%, data will be available today at 12:30 UTC. United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
The commodity has been trending lower for about 2 months. NYMEX Heating Oil traded as high as $4.94 before shedding 34.64% lower over the past six months.
