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June 15, 2023
Stable at $2.35 and still trending upwards, Today's session might suggest a slow down — NYMEX Heating Oil trades at $2.35 per gallon, after ending yesterday at $2.36.
United States Initial Jobless Claims is next.
Uncertainty around Heating Oil Futures is reflected by published market data as United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. Highly important Crude Oil Inventories data from United States beat analyst expectations of 1.48 million with a reading of 7.92 million. Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.3%, continuing the decline from the previous figure of 0.2%.
'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. NYMEX Heating Oil's upper Bollinger Band® is at $2.44, suggesting that a downward move may follow.
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 $73.35. Crude Oil moves 0.22% to trade around $68.42.
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 -0.1%, following on from the preceding figure of 0.4%. New data is set to be published today at 12:30 UTC. Today at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to 0.1% from the preceding figure of 0.4%. United States Philadelphia Fed Manufacturing Index (Jun) is scheduled for today at 12:30 UTC.
Trading mostly sideways for a month. Having set a significant high of $4.65 7 months ago, Heating Oil Futures is trading 49.32% lower.
