January heating oil prices traded higher during the initial morning hours, breaking out above Friday's inside day trading range in the process. The National Weather Service released heat-related demand forecasts for heating oil in the coming week, which are expected to average about 20.0% below normal levels. The Commitments of Traders Futures and Options report as of November 29th showed non-commercial traders were net long 21,038 contracts, a decrease of 3,809. Non-commercial and nonreportable traders combined held a net long position of 38,181 contracts, for a decrease of 6,992 on the week.
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