Stagnant Heating Oil down to $2.65 (-0.95%)

After an 11 day of trading sideways Yesterday's session suggests a further slow down: after a mostly steady day, NYMEX Heating Oil lost 0.95% deep into the session, ending up at $2.65 per gallon.

Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. Following a previous reading of -0.2%, Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1%.

Amid the market gloom, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.

Technical chart analysis shows Heating Oil could begin to recover as it approaches significant support, now 2 cents away from $2.62. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, NY Heating Oil made an initial break below its 5 day Simple Moving Average at $2.68, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Heating Oil's lower Bollinger Band® is at $2.6, 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.

Positive performances can be seen by looking at other Energy markets as Natural Gas added 4.93% and closed around $2 yesterday.

In the meantime, a flat day for Crude Oil, closing at $82.68.

The commodity has been trending lower for about 2 months. NYMEX Heating Oil has shed 33.27% over the past six months.