Morning Heating Oil Market Report

March heating oil prices traded higher during the initial morning hours but remained trapped inside of Friday's range. Some traders attributed the early support in the heating oil market to a positive macroeconomic tone. The latest demand figures from the National Weather Service estimated heat-related demand for heating oil to run around 11.0% below normal in the coming week. The Commitments of Traders Futures and Options report as of February 7th showed non-commercial traders were net long 28,220 contracts, an increase of 7,687. Non-commercial and non-reportable traders combined held a net long position of 52,863 contracts, for an increase of 9,896 during the report week.

Like us on Facebook