January heating oil prices have experienced a bounce higher during the initial morning hours. Perhaps some of the gains came in response to inventory data out of Germany that showed a decline in heating oil stocks from colder winter temperatures. Meanwhile, US heating oil stocks at 38.836 million barrels are the lowest for this week since 2008. EIA heating oil stocks rose 886,000 barrels and are 10.954 million barrels below last EIA distillate stocks rose 480,000 barrels. Current inventories stand at 19.803 million barrels below last year and 2.835 million below the five year average. Distillate imports came in at 118,000 barrels per day compared to 198,000 barrels the previous week. Average total distillate demand for the past four weeks was up 1.85% compared to last year.
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