April heating oil prices registered a new 4-day high during the initial morning hours. It seemed that early gains in global equity markets and a slide in the US dollar were factors supporting the advance in heating oil. Yesterday's EIA inventory data showed a draw in distillate stocks of 1.944 million barrels. While this compares to last year's weekly decline of 4.0 million barrels, inventories fall to their lowest level since March 2008. EIA distillate stocks are 15.713 million barrels below last year but 2.085 million above the five year average. Distillate imports came in at 171,000 barrels per day compared to 217,000 barrels the previous week. The latest read on average four week total distillate demand was down 7.62% compared to last year. Heating oil stocks fell by 696,000 barrels to 30.572 million, which is the lowest for the week since 2008.