April heating oil prices established a lower low during the early morning hours but were briefly able to climb back into positive territory. The early weakness in heating oil market appeared to come from slower than expected 2012 growth forecasts out of China, which seemed to tamp down expectations for global oil demand. Another potential negative force for the heating oil market could be the coming conclusion of the US winter demand season. The Commitments of Traders Futures and Options report as of February 28th showed non-commercial traders were net long 30,168 contracts, an increase of 3,703. Non-commercial and non-reportable traders combined held a net long position of 58,971 contracts, for an increase of 5,048 during the report week.