Risk-off mood drags NYMEX Heating Oil 1.85% lower

Risk-off mood drags NYMEX Heating Oil 1.85% lower

A quick look at yesterday: NY Heating Oil slid down from $2.47 to $2.42 per gallon, taking a 4.56 cents loss (1.85%)

Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.

Heating Oil made an initial break below its 21 day Simple Moving Average at $2.41, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2.4 currently serving as support. If price action breaks below, the next Fib hurdle is $2.37. In contrast, NY Heating Oil could begin to recover as it approaches significant support, now 5 cents away from $2.37. 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 NYMEX Heating Oil to extend its recent losses.

Positive performances can be seen by looking at other Energy markets as notably, Natural Gas rose 4.72% yesterday and closed at $2.61.

Energy have been showing mixed performances as a flat day for Brent Crude Oil, closing at $74.32.

Trading mostly sideways for a month. Approximately 7 months ago, Heating Oil reached a significant high of $4.65 but has struggled to hold onto its gains and declined 47% since then.

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

پشتیبانی صمیمی، حرفه ای و شبانه روزی

Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

اهرم معاملاتی انعطاف پذیر تا 1:1000

Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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