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February 27, 2023
After closing the previous trading day at $2.8, Heating Oil is up to $2.83 per gallon, which makes for a move of 1.36%/3.8 cents today.
New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.
This move comes while some more positive signs for Heating Oil Futures are out as highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%. United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.4% with new data of 0.7%.
Meanwhile, United States Core Durable Goods Orders published today at 13:30 UTC came out at -4.5%, falling short of the -4% projections and continuing its decline from the previous 5.1% figure.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.92, thereby suggesting that Heating Oil is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates NY Heating Oil is set for a reversal in the coming days.
This rally in NY Heating Oil's price coincides with other Energy as Natural Gas is up 5.34% to $2.68.
Moreover, macro data could boost sentiment further as United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published tomorrow at 15:00 UTC.
The commodity has been trending lower for about a month. NYMEX Heating Oil hit a significant low of $2.71 around 5 days ago, but has since recovered 3.02%.
