A quick look at Friday: after a mostly steady day, NYMEX Heating Oil lost 2.61% deep into the session, ending up at $3.18 per gallon.
Heating Oil could begin to recover as it approaches significant support, now 7 cents away from $3.11. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Heating Oil peaked above its 5 day Simple Moving Average around $3.27 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $3.09, a low enough level to, generally, suggest that NYMEX Heating Oil is trading below its fair value.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Heating Oil Futures is set to appreciate despite today's setback.
Heating Oil's value drop coincided with the fact that Natural Gas dips 7.66% Friday and closed at $6.74. Crude Oil is down to $80.34, losing 88 cents, after ending the previous session around $81.22. Brent Crude Oil is down to $86, losing 88 cents, after ending the previous session around $86.88.
Furthermore, United States ISM Non-Manufacturing PMI (Nov) is expected tomorrow at 15:00 UTC.
The commodity has been trending lower for about a month. Heating Oil reached a significant high of $4.94 around 7 months ago but has lost 34% since then.