July heating oil prices registered a new low for the decline overnight but turned higher into the US trading session. The early morning reversal action comes from a rebound in outside markets and rebound in Brent crude oil. Some traders suggested that July heating oil might be getting a delayed response to yesterday's EIA inventory data that showed its seventh weekly draw in distillate supplies. EIA distillate stocks fell 309,000 barrels and stand at 21.599 million barrels below last year. Distillate imports came in at 124,000 barrels per day compared to 81,000 barrels the previous week. Average total distillate demand for the past four weeks was down 3.30% compared to last year. EIA heating oil stocks fell 170,000 barrels.