Mixed sentiment sees Heating Oil Futures ending the day broadly flat; establishes tight $2.45 to $2.45 range

NY Heating Oil is now trading at $2.45 per gallon after tracing out a steady $2.45 – $2.45 range today.

Heating Oil's state is reflected by market data as United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.

Heating Oil made an initial break below its 21 day Simple Moving Average at $2.42, a possible indication of a forthcoming negative trend. On the other hand, note that NY Heating Oil is approaching key support, around 4 cents away from $2.42. 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 the market lacking direction, technical chart analysis strongly suggests Heating Oil is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.2% to trade around $74.33.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Building Permits is scheduled for tomorrow at 12:00 UTC. United States New Home Sales (May) is expected tomorrow at 14:00 UTC. United States Consumer Confidence is projected to outperform its last figure with 103.7, having previously been at 102.3. The figure will be published tomorrow at 14:00 UTC.

Trading mostly sideways for a month. NYMEX Heating Oil reached a significant high of $4.65 around 7 months ago but has lost 47.58% since then.

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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