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April 17, 2023
After closing Thursday at $2.64, NY Heating Oil dropped to $2.58 today, hitting its lowest point in 1 year during Friday's session. It later recovered 3.74 cents and is now trading at $2.62.
Amid the market gloom, United States NY Empire State Manufacturing Index (Apr) came out at 10.8, while a consensus of analysts was expecting -18.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Despite this, Bollinger Bands® shows an indication of recovery: the lower band is at $2.6, a low enough level to, generally, suggest that NYMEX Heating Oil is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Heating Oil.
Taking a look at other Energy commodities, negative performances are evident as Crude Oil closed at $80.97 (down 1.88%). Brent Crude Oil is down $1.47 from the beginning of the session and now trades around $84.84.
Though NYMEX Heating Oil has been dropping, other Energy have been performing better: Natural Gas surges 8.09% to trade around $2.29.
Furthermore, United States Building Permits (Mar) is expected tomorrow at 12:30 UTC.
The commodity has been trending lower for about 2 months. NYMEX Heating Oil has shed 35.26% over the past six months.
