Lethargic NY Heating Oil fails to breach tight $2.66 – $2.73 range

A quick look at Thursday: NY Heating Oil closed Thursday at $2.66 per gallon (with a daily low of $2.66) after ending Wednesday at $2.66 and gaining 0%.

Uncertainty around Heating Oil Futures is reflected by published market data as United States Unemployment Rate beat analyst expectations of 3.6 and the previous reading of 3.6 with new data of 3.5. Following a previous reading of 326,000, Non Farm Payrolls in United States released yesterday at 12:30 UTC fell short of the 239,000 figure expected by analysts with an actual reading of 236,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.

With regards to technical trend indicators, chart analysis show that Heating Oil made an initial break below its 10 day Simple Moving Average at $2.71, a possible indication of a forthcoming negative trend. According to asset volatility analysis, NYMEX Heating Oil's upper Bollinger Band® is at $2.93 and the lower is $2.59. Technical analysis shows that NYMEX Heating Oil is approaching key support, around 2 cents away from $2.64. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

The current technical outlook indicates NY Heating Oil will continue to ebb sideways within tight ranges for the immediate future.

While Heating Oil was pretty flat Thursday, mixed performances were seen elsewhere as Natural Gas moves 1.19% Thursday and closed at $2.

The commodity has been trending lower for about 2 months. NY Heating Oil traded as high as $4.94 before shedding 34.04% lower over the past six months.