| 
May 20, 2023Yesterday at a glance: bearish sentiment ensured Heating Oil Futures finished yesterday's session lower. However, despite the downward bias, NY Heating Oil etched out a distinct $2.35 to $2.45 session range.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 179,800, while the previous figure was 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 20,000, while the previous figure was 21,400.
Heating Oil made an initial break below its 10 day Simple Moving Average at $2.37, a possible indication of a forthcoming negative trend. Heating Oil Futures's upper Bollinger Band® is at $2.45 which indicates a further downward move may follow. In contrast, NY Heating Oil could begin to recover as it approaches significant support, now 3 cents away from $2.33. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting NY Heating Oil to extend its recent losses.
Heating Oil hit a significant low of $2.21 around 17 days ago, but has since recovered 8.63%.
