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May 13, 2023
Yesterday at a glance: after a mostly steady day, Heating Oil Futures lost 2.03% deep into the session, ending up at $2.3 per gallon.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 195,800, while the previous figure was 195,600. United States CFTC Nasdaq 100 speculative net positions came out at 21,400.
Support/Resistance levels obtained from chart analysis indicate that Heating Oil could begin to recover as it approaches significant support, now 2 cents away from $2.28. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that NY Heating Oil made an initial break below its 10 day Simple Moving Average at $2.33, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Heating Oil Futures's lower Bollinger Band® is at $2.21, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Heating Oil will remain range-bound for the immediate future.
NY Heating Oil's value drop coincided with the fact that Brent Crude Oil stumbles 1.12% yesterday and closed at $75. Crude Oil lost 1.1% yesterday and closed at $70.87.
Positive performances can be seen by looking at other Energy markets as Natural Gas climbs 4% yesterday and closed at $2.19.
The commodity has been trending lower for about 3 months. Heating Oil Futures hit a significant low of $2.21 around 10 days ago, but has since recovered 6.23%.
