After a weak start Tuesday evening, April heating oil prices managed to pare losses heading into the US trading session. April heating oil rallied to its highest level since May 2011 in yesterday's trade. Some traders indicated that the market was up nearly 4.0% from last week's low to yesterday's high and might be reaching technically overbought territory. It is possible that some of the support in heating oil comes on expectations for this week's distillate inventory report to show a draw in the range of 1.25 million barrels.
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