November heating oil prices were sharply higher during the early morning hours but failed to overcome the August 31 high. Some traders viewed the lack of follow through as a a factor that has turned price into negative territory. The Commitments of Traders Futures and Options report as of October 11th showed non-commercial traders were net long 8,627 contracts, an increase of 4,157. Non-commercial and nonreportable traders combined held a net long position of 17,781 contracts, an increase of 6,401.
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