After four days of persistent declines, NY Heating Oil stabilises around $2.32

After ending today at $2.31, today NY Heating Oil went up to $2.32 before paring back gains and settling around $2.32 per gallon.

This uncertain state for Heating Oil Futures is reflected by published market data as United States Federal Budget Balance (May) released today at 18:00 UTC with a figure of -240 billion, while the previous figure was 176 billion. United States 10-Year Note Auction came out at 3.791. United States 3-Year Note Auction released today at 15:30 UTC with a figure of 4.202, while the previous figure was 3.695.

Heating Oil made an initial break below its 10 day Simple Moving Average at $2.35, a possible indication of a forthcoming negative trend. Despite this, Heating Oil Futures is approaching key support, around 3 cents away from $2.28. 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. Heating Oil Futures's upper Bollinger Band® is at $2.43 and the lower is $2.28.

According to technical indicators, NY Heating Oil is positioned for a downward move in the short term.

Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil trades around $72.11, with no major change. Crude Oil moves 0.42% to trade around $67.4. Natural Gas trades close to $2.28, with no major change.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.

Trading mostly sideways for a month. Having soared to a high of $4.65 approximately 7 months ago, NYMEX Heating Oil is now trading 50.36% lower.