February heating oil posted early gains but has fallen back from the initial highs, with some traders pointing towards negative outside market action as the cause for the turnaround. Some Gulf political leaders are taking the Iranian exercises seriously, as those leaders have begun to discuss security for one of the world's most critical shipping bottlenecks, the Strait of Hormuz which in turn might provide a significant underpin for energy prices to start this week. However, the heating oil market may have a negative reaction towards news of slack seasonal heating demand in the US.