April heating oil prices seemed to come under downside pressure this morning in response to weakness in crude oil. Yesterday's EIA inventory data seemed to be in line with expectations, but distillate stocks at 159.186 million barrels reached a new record high for this week of the year. EIA distillate stocks fell by 751,000 barrels but continued to sport a hefty surplus of 7.365 million barrels above last year and 25.716 million above the five year average. Distillate imports came in at 170,000 barrels per day compared to 171,000 barrels the previous week. Average total distillate demand for the past four weeks was up 0.24% compared to last year. EIA heating oil stocks fell by 1.223 million barrels and are currently 4.274 million barrels below last year and 3.059 million below the five year average.
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