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February 22, 2023
Heating Oil is grinding lower from $2.79 to $2.75 per gallon, shedding 3.87 cents (1.39%) today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Amid the market gloom, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Trend-following investors would be interested to note that Heating Oil made an initial break below its 5 day Simple Moving Average at $2.76, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $2.77 serving as intraday support. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $2.63, a low enough level to, generally, suggest that NYMEX Heating Oil is trading below its fair value. A study of Heating Oil Futures's chart reveals various key levels to watch: NY Heating Oil broke through the $2.79 support line and dropped 3 cents below it.
With market volatility ebbing, the current technical outlook indicates Heating Oil Futures will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other Energy as after ending yesterday's session at $2.07, Natural Gas lost 10.2 cents and is trading around $1.97. After ending yesterday's session at $83.05, Brent Crude Oil lost $1.2 and is trading around $81.85. Crude Oil is down to $75.21, losing $1.15, after closing at $76.36 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
The commodity has been trending lower for about 29 days. NYMEX Heating Oil hit a significant low of $2.73 around 5 days ago, but has since recovered 2.29%.
