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May 15, 2023Heating Oil rallies 7.69 cents (3.34%) deep into the session, trading at $2.38 per gallon.
At the same time, United States TIC Net Long-Term Transactions (Mar) released today at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Heating Oil made an initial breakout above its 21 day Simple Moving Average at $2.37, a potential indicator of a newly emerging bullish phase. NYMEX Heating Oil broke through the $2.31 resistance and climbed above it 7 cents; next resistance level is at $2.31.
Overall, looking at the technical analysis landscape, it seems Heating Oil might continue pointing upwards in the short term.
Moreover, macro data could boost sentiment further as United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
The commodity has been trending lower for about 3 months. Heating Oil has fallen back around 50.44% from the significant high of $4.65 set 6 months ago.
