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.