Credit: Shutterstock photoFebruary heating oil prices don't seem to be fully priced for a US deal, but the market this morning is sitting roughly 11 cents a gallon above the early December lows. Some more normal US winter weather patterns and a winter storm impacting a large portion of the US might also have provided heating oil with a slight lift over the last two trading sessions.
With a recent slide in heating oil inventories and the news of a surprise surge in Japanese jet fuel imports for January and that in turn should give the heating oil market the most fundamental news flow support throughout the energy complex. In fact, seeing Japanese January jet fuel imports reach up to the highest levels in two years could foster positive product demand talk and increase the support on the charts around the $3.00 level.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.