Markets

Morning Heating Oil Market Report

July heating oil traded fractionally higher during the initial morning hours but remained trapped in the lower half of Friday's range. Meanwhile, the heating oil crack spread rallied to its best level since May 2008, helped by the relative weakness in WTI crude oil. Some traders indicated that an improvement in refining margins could encourage greater distillate production in the near term. The Commitments of Traders Futures and Options report as of June 7th showed non-commercial traders were net long 31,139 contracts, an increase of 6,456. Non-commercial and nonreportable traders combined held a net long position of 46,328 contracts, an increase of 5,501 in their net long positioning.

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.

Other Topics

Commodities