Morning Heating Oil Market Report

June heating oil prices registered a new low for the move during the initial morning hours. June heating oil is down more than $0.12 from last week's high of $3.0065 and closed lower in five of the last six sessions. This has some traders concerned that the market might be short term oversold. EIA distillate stocks fell 969,000 barrels last week. Current EIA supplies stand at 23.33 million barrels below last year and 14.623 million below the five year average. Distillate imports came in at 81,000 barrels per day compared to 47,000 barrels the previous week. Average total distillate demand for the past four weeks was down 0.45% compared to last year. EIA heating oil stocks rose 253,000 barrels and are 6.234 million barrels below last year and 9.480 million below the five year average.