February heating oil prices opened on a higher track Wednesday evening and pushed to their highest level since October 19th. Some traders indicated that the market showed resilience during yesterday's session in the wake of a much larger than expected build in distillate stocks in the previous week of 6.777 million barrels. While the three week string of inventory builds has helped to relieve some of the tight supply concerns, EIA distillate stocks remain 16.819 million barrels below last year and 18.603 million below the five year average. Distillate imports came in at 197,000 barrels per day compared to 108,000 barrels the previous week. Average total distillate demand for the past four weeks was down 4.96% compared to last year. EIA heating oil stocks rose 486,000 barrels and are 10.198 million barrels below last year and 14.390 million below the five year average.
Read More on International Business Times