April heating oil traded higher during the early morning hours, as it drafted support from gain across the crude oil complex. Yesterday's EIA inventory report indicated that US distillate stocks of 159.937 million barrels set a record high for this week of the year. Distillate stocks fell 1.333 million barrels and stand at 7.273 million above last year and 25.367 million above the five year average. Distillate imports came in at 171,000 barrels per day compared to 211,000 barrels the previous week. Average total distillate demand for the past four weeks was up 2.7% compared to last year. EIA heating oil stocks rose 525,000 barrels and are 3.422 million barrels below last year and 3.289 million below the five year average.
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