HEATING OILUS heating oil futures traded around $2.47 per gallon, hovering near a one-month low of $2.467 touched on July 16th as markets assessed the latest supply levels. The EIA showed that distillate stockpiles rose by 3.454 million barrels in the week ending July 12th, against estimates of a 0.5 million barrel draw. Meanwhile, heating oil inventories rose by 252 thousand barrels. Additional pressure for energy commodities came from China’s economic slowdown in the second quarter. Conversely, the report showed that distillate fuel supplied rose by 119 thousand barrels, indicating higher demand compared to the previous week, while crude oil inventories sank.
HEATINGOIL trade ideas
HEATING OIL to follow general trend of OIL prices DOWN!Similar to USOIL and UKOIL , HEATING oil follows similar steps!! HEATING oil has been rising for a very long time and hit all-time highs, and we see that oscillators are showing that HEATING oil is overbought. We also see signs of rejection from the resistance zone that formed due to all-time highs!! Candlestick patterns are also confirming rejection from resistance. We see that the general trend of oil is reversing globally!
We aim to open in the range of 2.61-2.7 and TP at 2.38 with an SL above 2.8.
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