October heating oil grinded lower during the overnight and early morning hours as it consolidated yesterday's gain. Some technicians noted a level of concern following yesterday's rally to its highest level since August 4th, which came on a noted decline in trading volume. There was also talk of reduced jet fuel demand following due to the thousands of cancelled flights from Hurricane Irene. Looking ahead, US distillate stocks for the week ending August 26th are expected to have increased in the range of 1.0 to 1.25 million barrels.
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