February crude oil prices trended lower throughout the overnight and early morning hours. Some traders pointed to a round of soft economic data out of Europe earlier this morning as a force that may have contributed to the weakness in crude oil. The IEA indicated that it could open up strategic reserves if and release around 16 million barrels per day of supply Iran follows through on its threats to close the Straits of Hormuz. There is also talk of a UAE pipeline that could be completed by mid-2012 that would redirect around 1.5 million barrels per day of supply away from the Straits. The Commitments of Traders Futures and Options report as of January 3rd showed non-commercial traders were net long 214,375 contracts, an increase of 4,097. Non-commercial and nonreportable traders combined held a net long position of 240,870 contracts, an increase of 12,265 on the week.