March heating oil prices traded lower during the early morning hours but remained locked inside of yesterday's range. Some traders indicated that heating oil prices broke down yesterday in response to EIA inventory data that showed continued weakness in distillate demand. The weekly stocks figures showed a smaller than expected build of 438,000 barrels. Distillate imports came in at 219,000 barrels per day compared to 163,000 barrels the previous week. Average total distillate demand for the past four weeks was down 4.43% compared to last year. EIA Heating oil stocks fell 2.263 million barrels last week and the 33.308 million barrel reading was the lowest for this week since 2008.
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