Mixed sentiment sees Heating Oil ending the day broadly flat; establishes tight $2.77 to $2.78 range

Heating Oil Futures recovers back to $2.77 per gallon after dipping down to $2.77 today, in a session that followed a closing value of $2.76.

Heating Oil's state is reflected by market data as United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.

Heating Oil's upper Bollinger Band® is at $2.92 and the lower is $2.68. NY Heating Oil is approaching key support, around 10 cents away from $2.68. 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.

Despite muted price action in Heating Oil, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances are seen in other Energy as Natural Gas trades with no major change, around $2.62.

Furthermore, the market is looking at as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of 3%. New data is set to be published tomorrow at 12:30 UTC. Projections for United States Core Retail Sales are set for a continuation of decline with -0.1% while previous data was 2.3%; data will be released tomorrow at 12:30 UTC. United States Producer Price Index projected to come out at 0.3% — worse than previous data of 0.7%; data will be released tomorrow at 12:30 UTC.

The commodity has been trending lower for about a month. Heating Oil Futures is up 3.35% from the significant low of $2.67 it hit 5 days ago.