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April 10, 2023
NYMEX Heating Oil goes up to $2.68 per gallon after dipping down to $2.64 earlier.
Heating Oil made an initial breakout above its 5 day Simple Moving Average at $2.68, a potential indicator of a newly emerging bullish phase. NYMEX Heating Oil's lower Bollinger Band® is at $2.58, indicating that the market is oversold and fertile for new buyers. In contrast, Heating Oil Futures reversed direction at $2.68 resistance zone and retreated back 2 cents below it.
Overall, looking at the technical analysis landscape, it seems NYMEX Heating Oil might continue pointing upwards in the short term.
A look at other Energy also shows upside as Natural Gas jumps 7.51% to trade around $2.16.
While NY Heating Oil is appreciating, other Energy are comparatively not doing so well — Crude Oil closed at $79.87 (down 1.03%). After ending Thursday's session at $85.12, Brent Crude Oil lost 82 cents and is trading around $84.3.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
The commodity has been trending lower for about 2 months. The current year has not been the best for Heating Oil Futures as it lost 20.53% from its highest point of $4.94.
