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April 22, 2023A quick look at yesterday: a quiet day for Heating Oil Futures as it remained range-bound within a $2.48 – $2.52 range before closing at $2.5 per gallon.
NY Heating Oil's state is reflected by market data as United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Technical analysis shows that Heating Oil is approaching key support, around 2 cents away from $2.48. 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. Concerning technical analysis and more specifically, trend indicators, 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. According to asset volatility analysis, NY Heating Oil's upper Bollinger Band® is at $2.78 and the lower is $2.49.
The current technical outlook indicates Heating Oil Futures will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil is trading around $81.76 after ending yesterday's session at $81.1 (up 0.81% today). Crude Oil is trading around $77.95 after ending yesterday's session at $77.37 (up 0.75% today).
The commodity has been trending lower for about 2 months. NYMEX Heating Oil has shed 27.95% over the past three months.
