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June 10, 2023A quick look at yesterday: Heating Oil Futures ended yesterday at $2.36 per gallon following from closing Thursday at $2.39. Overall, this represents a loss of 2.56 cents or 1.07%.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions came out at 175,600. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 8,800, while the previous figure was 8,500.
Heating Oil's upper Bollinger Band® is at $2.43 which indicates a further downward move may follow.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting NYMEX Heating Oil to extend its recent losses.
Heating Oil's value drop coincided with the fact that Natural Gas lost 3.83% yesterday and closed at $2.35. Brent Crude Oil slumps 1.28% yesterday and closed at $75.96. Crude Oil lost 1.32% yesterday and closed at $71.29.
Trading mostly sideways for a month. Heating Oil has fallen back around 48.63% from the significant high of $4.65 set 7 months ago.
