While February heating oil prices might have garnered an early morning lift from a favorable risk-on attitude, some traders question the US supply and demand picture. US distillate demand fell more than 8.0% below year ago levels in the latest EIA report, and that figure is expected to remain under pressure due to the unseasonably warm temperatures in the US. That was highlighted in the latest IEA monthly report that lowered their 2012 global oil demand target, partially in response to unseasonably warm northern hemisphere temperatures.