January heating oil prices traded lower during the early morning hours, weighed down by a weaker macroeconomic tone, warm temperatures in the Northeast limiting heat-related demand and ample short term distillate supplies. As a result, reports that a portion of the Houston Shipping Channel was closed seemed to have a muted reaction in cash diesel markets. Expectations for this morning's EIA inventory report are for distillate stocks to have risen in the range of 750,000 to 1.0 million barrels last week.