Upwardly mobile NYMEX Heating Oil extends gains by 3.56 cents; closes session 1.35% higher

Yesterday at a glance: Heating Oil Futures rises 1.35% to close at $2.68 per gallon yesterday.

Despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam. In contrast, NY Heating Oil's lower Bollinger Band® is at $2.66, indicating that the market is oversold and fertile for new buyers.

Technical analysis suggests there could be an imminent reversal for Heating Oil.

While Heating Oil Futures is higher so far today, these Energy commodities are underperforming: Natural Gas dips 6.52% yesterday and closed at $2.51. Brent Crude Oil is down to $72.53, losing $2.17, after ending the previous session around $74.7. After ending yesterday's session at $68.35, Crude Oil lost $2 and is trading around $66.34.

The commodity has been trending lower for about a month. So far this year, Heating Oil Futures has declined 18.27% while touching highs around $4.94 earlier this year.