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• Sentiment Gained as US Fiscal Cliff Showed Progress
• Commodities: Gold and Oil Remain Focused on Fiscal Cliff Concerns
• Brent Crude Oil: Pivot Point Signal 18.12.2012

January heating oil prices appeared to stabilize yesterday's late day decline during the early morning hours. Some traders indicated that support for heating oil comes might be coming from the relative out performance of Brent crude oil relative to WTI. Yesterday's EIA inventory report showed a build in distillate supplies last week of 2.986 million barrels. EIA distillate stocks stand at 23.447 million barrels below last year and 27.959 million below the five year average. Distillate imports came in at 191,000 barrels per day compared to 155,000 barrels the previous week. Average total distillate demand for the past four weeks was down 0.66% compared to last year. EIA heating oil stocks rose 1.141 million barrels and are 11.782 million barrels below last year and 16.816 million below the five year average.

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