April heating oil prices established a new high for the move overnight and has approached weekly resistance at $3.1524. Some traders suggested that heating oil prices may be getting some measure of support from a rally in US jet fuel, where short term supplies appear tight as refiners continue with spring maintenance. The Commitments of Traders Futures and Options report as of March 1st showed non-commercial traders were net long 15,367 contracts, a decrease of 9,045. Non-commercial and nonreportable traders combined held a net long position of 33,918 contracts, which represents a decrease of 10,716 in their net long positioning.
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