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April 20, 2023
Heating Oil Futures dropped 2.26 cents to $2.54, reaching its lowest point in 1 year.
United States Philadelphia Fed Manufacturing Index (Apr) is next today at 12:30 UTC.
Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000.
Amid the market gloom, United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.
Chart analysis suggests Heating Oil could begin to recover as it approaches significant support, now 1 cents away from $2.53. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $2.55, a low enough level to, generally, suggest that NY Heating Oil is trading below its fair value.
Overall, the technical outlook suggests Heating Oil Futures is likely to remain muted for the immediate future, with no clear-cut direction.
Taking a look at other Energy commodities, negative performances are evident as after ending yesterday's session at $79.16, Crude Oil lost 85 cents and is trading around $78.31. Brent Crude Oil is down 79 cents from the beginning of the session and now trades around $82.33.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to decline to 240,000 while previous data was 239,000; data will be released today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is scheduled for today at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out today at 14:00 UTC.
The commodity has been trending lower for about 2 months. Heating Oil Futures has shed 24.41% over the past three months.
