November heating oil prices registered a higher during the early morning hours and looks poised for a test of $3.1300 resistance. A favorable risk-on vibe in outside markets and further gains in the crude oil offer support. EIA distillate stocks fell 482,000 barrels last week and stand at 29.93 million barrels below last year. Distillate imports came in at 108,000 barrels per day compared to 159,000 barrels the previous week. However, average total distillate demand for the past four weeks was down 8.71% compared to last year, and that has the market somewhat cautious. EIA heating oil stocks fell 766,000 barrels and are 13.177 million barrels below last year and 17.464 million below the five year average. The short term trend in November heating oil has a positive slant, with resistance coming in at $3.1300, then $3.1524.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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