Markets

Morning Heating Oil Market Report

The heating oil market would seem to be partially vulnerable on the charts this morning, as the market seems to be feeling the fear of slowing present in many physical commodity markets this week. Yesterday EIA distillate stocks fell 976,000 barrels and stand at 12.872 million barrels below last year and 8.584 million above the five year average. Distillate imports came in at 123,000 barrels per day compared to 103,000 barrels the previous week. Average total distillate demand for the past four weeks was down 5.04% compared to last year. EIA heating oil stocks rose 54,000 barrels and are 12.010 million barrels below last year and 5.553 million below the five year average. There might be little in the way of support in the July heating oil market until the $2.99 level is tested, which according to some technical players, might be a quasi consolidation low from earlier this week.

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.

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