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May 06, 2023A quick look at yesterday: Heating Oil Futures spiked to $2.33 per gallon, gaining 8.63 cents.
Uptick comes while some more positive signs for Heating Oil are out as highly important Average Hourly Earnings data from United States beat analyst expectations of 0.3% with a reading of 0.5%. Highly important Non Farm Payrolls data from United States beat analyst expectations of 180,000 with a reading of 253,000. Highly important Unemployment Rate data from United States beat analyst expectations of 3.6 with a reading of 3.4.
Heating Oil made an initial breakout above its 5 day Simple Moving Average at $2.3, a potential indicator of a newly emerging bullish phase. In contrast, NY Heating Oil could be slowing down soon as it approaches resistance at $2.35. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Heating Oil Futures might continue pointing upwards in the short term.
This rally in NYMEX Heating Oil's price coincides with other Energy as Crude Oil is trading around $71.32 after ending yesterday's session at $68.56 (up 4.03% today). Brent Crude Oil added 3.81% and closed around $72.5 yesterday.
Other Energy showed mixed performance as Natural Gas moves 0.57% yesterday and closed at $2.1.
The commodity has been trending lower for about 3 months. NYMEX Heating Oil has fallen back around 51.88% from the significant high of $4.65 set 6 months ago.
