March heating oil prices traded higher during the initial morning hours but remained trapped inside of Friday's range. Some traders attributed the early support in the heating oil market to a positive macroeconomic tone. The latest demand figures from the National Weather Service estimated heat-related demand for heating oil to run around 11.0% below normal in the coming week. The Commitments of Traders Futures and Options report as of February 7th showed non-commercial traders were net long 28,220 contracts, an increase of 7,687. Non-commercial and non-reportable traders combined held a net long position of 52,863 contracts, for an increase of 9,896 during the report week.
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