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June 05, 2023
Stable at $2.37 and still trending upwards, Today's session might suggest a slow down — although NYMEX Heating Oil ended today strong and rose from $2.38 to $2.38, it dropped back today and is now priced at $2.37 per gallon.
Heating Oil Futures is currently trading at $2.37 following the release of ISM Non-Manufacturing PMI (May) data from the United States.
NYMEX Heating Oil's state is reflected by market data as United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released today at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.
Heating Oil is currently flirting with an active Fibonacci support level around $2.4. NY Heating Oil's upper Bollinger Band® is at $2.44, suggesting that a downward move may follow. Despite this, NY Heating Oil is approaching key support, around 3 cents away from $2.35. 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 NY Heating Oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas trades close to $2.27, with no major change.
Moreover, United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
Trading mostly sideways for a month. Having set a significant high of $4.65 7 months ago, NY Heating Oil is trading 48.89% lower.
