NYMEX Heating Oil continues trading sideways, currently at $2.72

It's been more of the same this session on the back of 6 days of flat trade, Today's session so far looks to be heading in a similar way — NY Heating Oil is now trading at $2.72 per gallon after tracing out a steady $2.72 – $2.73 range today.

This uncertain state for Heating Oil Futures is reflected by published market data as United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.

Heating Oil's upper Bollinger Band® is at $2.93 and the lower is $2.61. NY Heating Oil is approaching key support, around 5 cents away from $2.68. 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.

Despite muted price action in Heating Oil, chart analysis indicates it is positioned for a bullish run in the short term.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as projections for United States Non Farm Payrolls are set for a continuation of decline with 240,000 while previous data was 311,000; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 198,000, data will be available today at 12:30 UTC. United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.

The commodity has been trending lower for about 2 months. NY Heating Oil hit a significant low of $2.62 around 7 days ago, but has since recovered 4.09%.