NYMEX Heating Oil trades at $2.41 per gallon, after ending yesterday at $2.4.
United States Initial Jobless Claims is next today at 12:30 UTC.
This uncertain state for NY Heating Oil is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million. United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Heating Oil's upper Bollinger Band® is at $2.45, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests NYMEX Heating Oil is positioned for a downward move in the near term.
Moreover, projections for United States Initial Jobless Claims are set for a continuation of decline with 235,000 while previous data was 232,000; data will be released today at 12:30 UTC.
Trading mostly sideways for a month. Over the past 7 months, NY Heating Oil has retreated 48.37% from a noteworthy peak of $4.65.