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June 03, 2023
Yesterday at a glance: NYMEX Heating Oil closed yesterday at $2.36 per gallon (with a daily low of $2.31) after ending Thursday at $2.31 and gaining 2.06%.
Uptick comes while some more positive signs for NYMEX Heating Oil are out as United States Non Farm Payrolls came out at 339,000, better than analyst estimates of 180,000 and improving upon the previous reading of 294,000.
On the flip side, following a previous reading of 0.4%, Average Hourly Earnings in United States released yesterday at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of 0.3%. Unemployment Rate in United States fell short of market expectations (3.5) with a reading of 3.7, continuing the decline from the previous figure of 3.4.
Technical analysis shows that although Heating Oil is appreciating today after rising as high as $2.38, price action is now slowing and consolidating around 3 cents below the $2.39 resistance level. With regards to technical trend indicators, chart analysis show that Heating Oil Futures made an initial breakout above its 21 day Simple Moving Average at $2.36, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.44, thereby suggesting that Heating Oil Futures is becoming overvalued.
Notwithstanding NYMEX Heating Oil's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Heating Oil's price coincides with other Energy as Brent Crude Oil is trading around $76.22 after ending yesterday's session at $74.28 (up 2.61% today). Crude Oil improves 2.52% yesterday and closed at $70.1.
Other Energy showed mixed performance as Natural Gas moves 0.88% yesterday and closed at $2.16.
Trading mostly sideways for 29 days. Approximately 7 months ago, Heating Oil Futures reached a significant high of $4.65 but has struggled to hold onto its gains and declined 50.24% since then.
