December heating oil prices registered a new low for the move during the initial morning hours but managed to stabilize ahead of the US opening. Some trades indicated that early weakness in the heating oil market came from a sell off in Brent crude oil, strength in the US dollar and further concerns over US demand in the wake of Hurricane Sandy. It also seemed that the tight European distillate supply situation was improving as refiners come back from a period of maintenance. The Commitments of Traders Futures and Options report as of October 30th showed non-commercial traders were net long 29,480 contracts, a decrease of 1,508. Non-commercial and nonreportable traders combined held a net long position of 49,792 contracts, for a decrease of 4,493 in their net long positioning.
*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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