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April 27, 2023
Heating Oil Futures trades at $2.39 per gallon, after ending yesterday at $2.37.
United States GDP is next.
NYMEX Heating Oil's state is reflected by market data as United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -5 million, falling short of the -1.49 million projections and continuing its decline from the previous -4.58 million figure. Highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of 0.3%. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.
Technical analysis trend indicators suggest 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. Momentum evaluation shows that the Relative Strength Index indicates Heating Oil Futures is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that NY Heating Oil's upper Bollinger Band® is at $2.8 and the lower is $2.38.
With market volatility ebbing, the current technical outlook indicates NY Heating Oil will remain range-bound for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Natural Gas is trading around $2.12 (down 19.1 cents). Brent Crude Oil trades with no major change, around $77.94. Crude Oil moves 0.2% to trade around $74.45.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published today at 14:00 UTC. Today at 12:30 UTC data for United States GDP will be released, with an expected decline to two from the preceding figure of 2.6. United States Initial Jobless Claims expected to decline to 248,000 while its preceding data was 245,000, data will be available today at 12:30 UTC.
The commodity has been trending lower for about 2 months. Heating Oil has shed 30.08% over the past three months.
