| 
May 27, 2023
A quick look at yesterday: Heating Oil Futures ended Thursday at $2.35. yesterday it went up to $2.39 only to drop back, yet still managed to close at $2.38 per gallon.
On the flip side, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%.
At the same time, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.
Concerning technical analysis and more specifically, trend indicators, Heating Oil made an initial breakout above its 21 day Simple Moving Average at $2.35, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that NYMEX Heating Oil's upper Bollinger Band® is at $2.43, this is a slight indication of a slowdown. Technical analysis shows that NYMEX Heating Oil is 3 cents away from testing key resistance at $2.4. Peaking above this level could inspire market bulls and open the path to further gains.
With market volatility ebbing, the current technical outlook indicates Heating Oil will remain range-bound for the immediate future.
A look at other Energy also shows upside as Crude Oil is trading around $72.87 after ending yesterday's session at $71.83 (up 1.45% today). Notably, Brent Crude Oil rose 1.21% yesterday and closed at $76.26.
At the same time, Natural Gas is down to $2.42, losing 5.8 cents, after ending the previous session around $2.48.
Having soared to a high of $4.65 approximately 6 months ago, NYMEX Heating Oil is now trading 49.57% lower.
