March heating oil prices traded higher during the early morning hours, following a gap higher opening Sunday evening. So far this morning, heating oil prices have shrugged off the latest demand figures from the National Weather Service that called for US demand to run about 22.0% below normal in the coming week. The Commitments of Traders Futures and Options report as of February 8th showed non-commercial traders were net long 30,337 contracts, a decrease of 3,888. Non-commercial and nonreportable traders combined held a net long position of 52,772 contracts, for a decline of 3,624.
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