May heating oil prices were flat to lower during the early morning trading hours. Some traders were encouraged by yesterday's rebound, helped in part by EIA inventory data that showed a much larger than expected decline in distillate stocks. EIA distillate stocks stand at 18.954 million barrels below last year and 247,000 below the five year average. Distillate imports came in at 64,000 barrels per day compared to 224,000 barrels the previous week. Average total distillate demand for the past four weeks was down 3.60% compared to last year. EIA heating oil stocks fell 2.003 million barrels and are 5.388 million barrels below last year.
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