Markets

Morning Heating Oil Market Report

January heating oil prices traded lower overnight and reached their lowest level since October 11th. Some traders pointed to a weak macroeconomic tone and well-below normal heat-related demand forecasts for this week as factors pressuring the market lower. The latest from the National Weather Service estimated heat-related demand for heating oil to run more than 14.0% below normal in the coming week. The Commitments of Traders Futures and Options report as of December 6th showed non-commercial traders were net long 16,463 contracts, a decrease of 4,575. Non-commercial and nonreportable traders combined held a net long position of 34,184 contracts, down 3,997 on the week. Speculators turned to active sellers during the COT report window and probably saw more long-liquidation selling during the 3.6% slide since the report window closed.

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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