June heating oil prices traded lower with the rest of the crude oil complex overnight, falling to its lowest level since January 25th. Concerns over slowing global oil demand and liquidation pressure in crude oil have contributed to the sharp decline in June heating oil. Some technicians indicated that June heating oil closed last week's trade with a 5.5% loss, and the added weakness down to $2.9540 marked a total slide of $0.255 from the late-April high. The Commitments of Traders Futures and Options report as of May 1st showed non-commercial traders were net long 24,180 contracts, an increase of 5,402. Non-commercial and nonreportable traders combined held a net long position of 43,114 contracts, up 7,229 on the week.
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