November heating oil managed to hold above an overnight test of downside support, helped in part by a positive turn in risk sentiment and US Dollar weakness. Some traders pointed to an increase in agricultural demand for diesel as offering support as well. Wednesday's EIA report showed distillate stocks rose 72,000 barrels, quite a bit less than expected. This brought current inventory levels to 15.911 million barrels below last year but 6.656 million above the five year average. Distillate imports came in at 150,000 barrels per day compared to 158,000 barrels the previous week. Average total distillate demand for the past four weeks was down 1.04% from last year. EIA heating oil stocks fell 770,000 barrels, to 11.555 million barrels below last year.
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