October heating oil prices slumped during the overnight and early morning hours, worried by a jittery outside market tone and growing fears over a Greek default. Some traders indicated that the European debt situation raised doubts over future distillate demand. Meanwhile, reports earlier this morning that forecast North Sea crude oil loadings to slip 1.4% in October failed to offer much support. The Commitments of Traders Futures and Options report as of September 6th showed non-commercial traders were net long 22,538 contracts, an increase of 1,161. Non-commercial and nonreportable traders combined held a net long position of 38,229 contracts, for an increase of 2,705.
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