January heating oil prices registered a new low for the decline this morning and fell to their lowest level since October 14th. It seems that some the weakness came from gains in the US dollar as well as decline in global equity and crude oil markets. January heating oil prices failed to garner too much direction from Wednesday's EIA inventory data that showed an as-expected decline in distillate supplies of 770,000 barrels. Current distillate supplies stand 25.288 million barrels below last year and 10.146 million below the five year average. Distillate imports came in at 135,000 barrels per day compared to 82,000 barrels the previous week. Average total distillate demand for the past four weeks was up 5.65% compared to last year. Heating oil stocks fell 883,000 barrels on the week to 36.597 million barrels. This was the lowest level registered for this week since 2008, and it was 15.683 million barrels below last year.
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