November heating oil prices broke down below Friday's low during the initial morning hours but managed to pare some of those loses ahead of the New York opening. Fresh concerns of slowing economic growth, gains in the US dollar and a sell off in Brent crude oil appeared to be the primary drivers behind the early weakness in November heating oil. The Commitments of Traders Futures and Options report as of October 2nd showed non-commercial traders were net long 27,464 contracts, an increase of 9,455. Non-commercial and nonreportable traders combined held a net long position of 47,761 contracts, for an increase of 9,170 during the report week. The buying trend of the speculator is seen as a positive near term force.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
Copyright CME Group All rights reserved.