November heating oil prices traded sharply lower during the initial morning hours in response to an extremely weak trade in November Brent crude oil. The market also faces a negative outside market tone this morning, including sharp gains in the US Dollar and broad-based liquidation across most commodity markets. Yesterday's EIA report showed an unexpected inventory decline of 874,000 barrels. EIA distillate stocks stand at 17.248 million barrels below last year, but 5.725 million above the five year average. Distillate imports came in at 158,000 barrels per day compared to 154,000 barrels the previous week. Average total distillate demand for the past four weeks was up 0.52% compared to last year. EIA heating oil stocks fell 292,000 barrels.
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