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Speculators in the heating oil market more than doubled net long positions in the week ended June 5 to 17,156, according to the Commodity Futures Trading Commission.

"People are already looking ahead to the next heating season," said Peter Beutel, president of Cameron Hanover. "It seems to me that the refining industry is abdicating some form of public responsibility by relying on the kindness of strangers to ship their fuel over."

U.S. refinery utilization rates have struggled below 90 percent of capacity most of this year, with planned and unplanned repairs taking a toll on fuel output.

Some analysts have said the U.S. refining industry is having a hard time keeping their aging refineries running properly amid tough environmental regulations.