While Chinese Q4 GDP was the weakest in 2.5 years, it was better than expectations and seen as a force keeping distillate demand in the region strong. In fact, December implied oil demand in China reached a new record high and up nearly 7.0% on the year in 2011. The heating oil market seemed to overlook data from the National Weather Service earlier this morning that forecasted heat-related demand for heating oil in the US to run a little more than 7.0% below average in the coming week. The Commitments of Traders Futures and Options report as of January 10th showed non-commercial traders were net long 17,632 contracts, an increase of 52. Non-commercial and nonreportable traders combined held a net long position of 40,848 contracts, an increase of 8,593 in the net long position held by these traders.