March heating oil prices grinded lower throughout the early morning hours but managed to hold up better than its peers within the crude oil complex. Perhaps a measure of support for the heating oil market came from 6 to 10 day weather maps that show an area of below normal temperatures covering the Western third of the country. The Commitments of Traders Futures and Options report as of January 29th showed non-commercial traders were net long 29,975 contracts, an increase of 2,730. Non-commercial and nonreportable traders combined held a net long position of 49,152 contracts, for an increase of 4,778 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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