December heating oil prices were higher during the overnight and early morning hours. Perhaps some of the support for heating oil came from tightening distillate supplies in the Midwest. The Commitments of Traders Futures and Options report as of November 8th showed non-commercial traders were net long 23,454 contracts, an increase of 1,477. Non-commercial and nonreportable traders combined held a net long position of 44,341 contracts, an increase of 1,881. Money managers increased their net long positioning by nearly 13.0% during the report window as prices rallied more than 2.5%.
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