A mostly flat day so far for NYMEX Heating Oil, ranging between $2.66 and $2.69; currently at $2.68 per gallon.
- United States Core Consumer Prices is next.
- Heating Oil Futures has been pretty quiet for the last 8 days, trading mostly flat and moving by only 0.8362 cents on average.
Earlier data releases related to NY Heating Oil – United States API Weekly Crude Oil Stock came out at 377,000, while a consensus of analysts was expecting -1.3 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
Here is the technical analysis of NY Heating Oil before macro data is released:
Heating Oil made an initial breakout above its 10 day Simple Moving Average at $2.68, a potential indicator of a newly emerging bullish phase. NY Heating Oil's upper Bollinger Band® is at $2.89 and the lower is $2.58. Heating Oil Futures is approaching key support, around 5 cents away from $2.63. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in NY Heating Oil, chart analysis indicates it is positioned for a bullish run in the short term.
Coming up for Heating Oil Futures — United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000, having previously been at -3.74 million. The figure will be published today at 14:30 UTC.
As the markets get ready for more data to be released — Natural Gas trades close to $2.21, with no major change. Brent Crude Oil trades with no major change, around $85.89. Crude Oil moves 0.27% to trade around $81.75.
The commodity has been trending lower for about 2 months. Heating Oil Futures has shed 32.09% over the past six months.