Bearish NYMEX Heating Oil mostly flat today, trading at $2.23

Having lost 50.28 cents over 27 days, Today is looking a bit better: NYMEX Heating Oil trades at $2.23 per gallon, after ending yesterday at $2.23.

United States Initial Jobless Claims is next today at 12:30 UTC.

This uncertain state for Heating Oil is reflected by published market data as United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 51.9, while the previous figure was 51.2.

Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates NYMEX Heating Oil is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Heating Oil's upper Bollinger Band® is at $2.76 and the lower is $2.19.

Overall, the technical outlook suggests Heating Oil Futures is likely to remain muted for the immediate future, with no clear-cut direction.

Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.59% to trade around $72.76. Crude Oil trades around $68.88, with no major change.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000. United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 230,000; data will be released today at 12:30 UTC. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available tomorrow at 12:30 UTC.

The commodity has been trending lower for about 3 months. NY Heating Oil hit a significant low of $2.21 around a day ago, but has since recovered 0.93%.