Bearish NY Heating Oil mostly flat today, trading at $2.73

Having lost 16.27 cents over 5 days, Today is looking a bit better: without a clear-cut direction, NY Heating Oil is trading around $2.73 per gallon and ranging between $2.72 and $2.75.

United States Initial Jobless Claims is next.

NYMEX Heating Oil's state is reflected by market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million. United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.

Heating Oil's upper Bollinger Band® is at $2.92 and the lower is $2.68. Heating Oil Futures is approaching key support, around 3 cents away from $2.7. 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 Heating Oil, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances are seen in other Energy as having closed the previous session at $2.55, Natural Gas is up 1.25% today to currently trade at around $2.58.

Moreover, tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000. United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 190,000; data will be released today at 13:30 UTC. United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. This year has been a gloomy one for NY Heating Oil after trading as high as $4.94 and going on to lose 18.45% of its value.