March heating oil traded higher during the overnight and early morning hours. Some traders indicated that the market seemed to discount reports from the National Weather Service that estimated this week's heat-related consumption to run more than 26.5% below normal. This follows a slight, 3% uptick in demand last week. The Commitments of Traders Futures and Options report as of January 17th showed non-commercial traders were net long 20,487 contracts, an increase of 2,855. Non-commercial and non-reportable traders combined held a net long position of 43,166 contracts, an increase of 2,318 on the week.
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