November heating oil prices came under pressure during the initial morning trade, weighed down by weakness in Brent crude oil and a sluggish IEA global oil demand forecast. Some traders appeared cautious following yesterday's rally to the highest level since April 4th, and that it might have traveled too far too fast. The heating oil market drafted support in yesterday's session from EIA data that showed a much larger than expected decline in distillate stocks of 3.177 million barrels last week. This brought current supply levels to 33.123 million barrels below last year and 30.189 million below the five year average. Distillate imports came in at 114,000 barrels per day compared to 58,000 barrels the previous week. Average total distillate demand for the past four weeks was down 3.51% compared to last year. EIA heating oil stocks fell 1.577 million barrels and are 13.474 million barrels below last year.
*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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