July heating oil prices traded higher during the initial morning hours and registered a new three day high in the process. Some traders suggested that the heating oil market might have drafted a measure of support from a rebound in Brent crude oil, as well as the recent improvement in outside market sentiment. Weekly distillate stocks have fallen over the last six weeks, down more than 23.3 million barrels compared year ago levels. The tightening backdrop might offer support if outside sentiment continues to improve.