After closing the previous trading day at $2.82, Heating Oil Futures is up to $2.85 per gallon, which makes for a move of 0.95%/2.67 cents today.
Heating Oil Futures is currently trading at $2.85 following the release of ISM Manufacturing PMI (Feb) data from the United States.
Nevertheless, following a previous reading of 106, Consumer Confidence in United States released yesterday at 15:00 UTC fell short of the 108.5 figure expected by analysts with an actual reading of 102.9.
At the same time, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States ISM Manufacturing Prices (Feb) released today at 15:00 UTC with a figure of 51.3, while the previous figure was 44.5.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.93, thereby suggesting that Heating Oil is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Heating Oil is set for a reversal in the coming days.
This rally in Heating Oil's price coincides with other Energy as Brent Crude Oil is up 1.72%.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to 457,000 while its preceding data was 7.65 million, data will be available today at 15:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 195,000 while previous data was 192,000; data will be released tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. Heating Oil is up 3.93% from the significant low of $2.71 it hit 7 days ago.