February heating oil traded higher overnight, breaking out of Friday's inside day range in the process. However, weakness in the US dollar and a slight bounce in global equity markets failed to inspire fresh buying interest. The Commitments of Traders Futures and Options report as of January 3rd showed non-commercial traders were net long 17,580 contracts, an increase of 6,730. Non-commercial and nonreportable traders combined held a net long position of 32,255 contracts, an increase of 10,177.
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