February heating oil prices forged a new high for the current rally cycle as it eclipsed the $2.65 level. Prices seemed to retrace from their early morning highs on what some traders viewed as a disappointing reading from the National Weather Service that called for a fractional increase in US heating oil demand this week. These estimates came on the heels of a larger than expected jump during the previous week, which seemed to be instrumental in a 6.0% jump in heating oil prices during that period. The Commitments of Traders Futures and Options report as of January 11th showed non-commercial traders were net long 40,912 contracts, an increase of 5,674. Non-commercial and nonreportable traders combined held a net long position of 62,003 contracts, an increase of 5,740.