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May 18, 2023
Stable at $2.42 and still trending upwards, Today's session might suggest a slow down — NY Heating Oil trades at $2.42 per gallon, after ending yesterday at $2.42.
United States Initial Jobless Claims is next.
Heating Oil Futures's state is reflected by market data as data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million. United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.954, while the previous figure was 3.92.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that NYMEX Heating Oil's upper Bollinger Band® is at $2.45, suggesting that a downward move may follow.
Overall, while Heating Oil Futures has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Natural Gas trades around $2.38, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Philadelphia Fed Manufacturing Index (May) will be released today at 12:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 254,000, having previously been at 264,000. The figure will be published today at 12:30 UTC. United States Existing Home Sales (Apr) is scheduled for today at 14:00 UTC.
Heating Oil Futures is up 9.54% from the significant low of $2.21 it hit 15 days ago.
