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March 04, 2023
A quick look at yesterday: NYMEX Heating Oil rallied 3.84 cents (1.34%) deep into the session, closing at $2.9 per gallon.
Meanwhile, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions came out at 128,800.
Heating Oil could be slowing down soon as it approaches resistance at $2.95. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, NY Heating Oil slid below its 21 day Simple Moving Average at $2.82 during the last session — an early indicator that a negative trend could be emerging. NYMEX Heating Oil's upper Bollinger Band® is at $2.95, this is a slight indication of a slowdown.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates NY Heating Oil is set for a reversal in the coming days.
A look at other Energy also shows upside as Natural Gas is trading around $3 after ending yesterday's session at $2.77 (up 9.08% today). Crude Oil is trading around $79.85 after ending yesterday's session at $78.16 (up 2.16% today). Brent Crude Oil is trading around $86 after ending yesterday's session at $84.75 (up 1.47% today).
The commodity has been trending lower for about a month. NY Heating Oil hit a significant low of $2.71 around 10 days ago, but has since recovered 5.6%.
