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June 29, 2023
Heating Oil trades at $2.41 per gallon, after ending yesterday at $2.41.
- NYMEX Heating Oil is currently trading at $2.41 following the release of Fed Chair Powell speech data from the United States.
- While flat so far today, NYMEX Heating Oil is on a 7 day bearish trend during which it lost 16.33 cents of its value.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.76 million with a reading of -9.60 million. United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827.
Heating Oil's upper Bollinger Band® is at $2.57 and the lower is $2.3.
Despite muted price action in Heating Oil Futures, chart analysis indicates it is positioned for a bullish run in the short term.
United States GDP projected to decline to 1.4 while previous data was 2.6; data will be released today at 12:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 266,000 while previous data was 264,000; data will be released today at 12:30 UTC.
Trading mostly sideways for a month. Approximately 8 months ago, NY Heating Oil reached a significant high of $4.65 but has struggled to hold onto its gains and declined 48.27% since then.
