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March 06, 2023Heating Oil is down to $2.87 per gallon, after ending Friday at $2.91. Overall, a 1.51% loss or 4.39 cents today.
Amid the market gloom, United States Factory Orders released today at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.
Heating Oil's upper Bollinger Band® is at $2.94 which indicates a further downward move may follow.
Overall, the technical analysis landscape suggests that on the balance of probability, Heating Oil is expected to maintain its bearish bias.
Taking a look at other Energy commodities, negative performances are evident as Natural Gas crashes 14.42% to trade around $2.58.
Positive performances can be seen by looking at other Energy markets as Crude Oil is up 0.85%.
Around the markets, mixed performances are seen by Energy as Brent Crude Oil moves 0.45% to trade around $86.22.
Furthermore, United States Fed Chair Powell testimony is scheduled tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.
The commodity has been trending lower for about a month. NY Heating Oil is now trading 7.32% above the significant low ($2.71) it slumped to 12 days ago.
