| 
April 03, 2023
After closing the previous trading day at $2.62, Heating Oil Futures went up to $2.76 only to drop back; still positive overall today, now trading at $2.66 per gallon.
Heating Oil is currently trading at $2.66 following the release of ISM Manufacturing PMI (Mar) data from the United States.
At the same time, United States ISM Manufacturing PMI (Mar) released today at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States ISM Manufacturing Employment (Mar) came out at 46.9, while a consensus of analysts was expecting 50. United States ISM Manufacturing Prices (Mar) came out at 49.2, while a consensus of analysts was expecting 51.2.
Although up today, early price action saw Heating Oil dropping below its 5 day Simple Moving Average at $2.72 — an early indicator that a new downward trend could be emerging. Although Heating Oil is appreciating today after rising as high as $2.76, price action is now slowing and consolidating around 13 cents below the $2.78 resistance level. Despite this, Heating Oil's lower Bollinger Band® is at $2.66, indicating that the market is oversold and fertile for new buyers.
Technical analysis suggests there could be an imminent reversal for Heating Oil Futures.
A look at other Energy also shows upside as Crude Oil leaps up 5.97% to trade around $80.19. Brent Crude Oil surges 5.96% to trade around $84.65.
While NY Heating Oil is appreciating, other Energy are comparatively not doing so well — after ending Friday's session at $2.22, Natural Gas lost 11.7 cents and is trading around $2.1.
Furthermore, the market is looking at United States JOLTs Job Openings (Feb) is expected tomorrow at 14:00 UTC.
The commodity has been trending lower for about 2 months. This year has been a gloomy one for NY Heating Oil after trading as high as $4.94 and going on to lose 19.97% of its value.
