March heating oil prices experienced a wide range advance overnight to their best levels since October 2008. Some traders suggested that the heating oil market may have garnered some support from private industry reports Friday that estimated January US distillate demand up nearly 10% from year ago levels. Meanwhile, the Commitments of Traders Futures and Options report as of February 15th showed non-commercial traders were net long 28,480 contracts, a decrease of 1,857. Non-commercial and nonreportable traders combined held a net long position of 46,439 contracts, a decrease of 6,333 for the week.
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