A slow down? After six days of going up, Heating Oil Futures is flat today, hovering around $2.87.

NYMEX Heating Oil is now trading at $2.87 per gallon after tracing out a steady $2.86 – $2.88 range today.

This uncertain state for NYMEX Heating Oil is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million. United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. United States Cushing Crude Oil Inventories came out at 307,000.

Heating Oil's upper Bollinger Band® is at $2.92, suggesting that a downward move may follow. On the other hand, note that Heating Oil Futures is approaching key support, around 5 cents away from $2.82. 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 the market lacking direction, technical chart analysis strongly suggests Heating Oil is positioned for a downward move in the near term.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000. United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

The commodity has been trending lower for about a month. 8 days ago, Heating Oil Futures fell to a low of $2.71 but has since recovered 5.88%.