September heating oil broke out of its recent consolidation zone in overnight action. It seemed that signs of progress in Washington over reaching a deal to raise the US debt ceiling bolstered risk appetites overnight. Meanwhile, the Commitments of Traders Futures and Options report as of July 26th showed non-commercial traders were net long 34,021 contracts. Non-commercial and nonreportable traders combined held a net long position of 50,848 contracts, an increase of 3,265 on the week. The speculative buying interest during the recent congestion zone is seen as a positive force for heating oil.
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.
