March heating oil prices bounced around both sides of unchanged levels this morning. At times it seemed that weakness in the heating oil market came from the decline in crude oil prices. Prices reversed from their best levels following an EIA distillate inventory decline of 135,000 barrels. EIA distillate stocks are 18.668 million barrels below last year but 7,000 above the five year average. Distillate imports came in at 192,000 barrels per day compared to 146,000 barrels the previous week. Average total distillate demand for the past four weeks was down 1.65% compared to last year. Heating oil stocks slipped 1.256 million barrels on the week and registered their lowest level for this week of the year since 2008.
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