March heating oil appeared to be the downside leader in the crude oil complex this morning. Some traders indicated that early morning weakness after March heating oil registered a higher high seemed to cast a negative bias on the market. Distillate stocks rose 288,000 barrels, but traders were looking for a draw of around 1 million. At 164.366 million barrels, stocks are now 8.174 million above last year, 25.382 million above the five year average and are at a record high for this point in the year. Distillate demand fell to 3.682 million barrels per day. Heating oil stocks fell by 524,000 barrels and are now 4.853 million below last year and 6.338 million below the five year average.
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