July heating oil finished the month of May with a loss of 15.1% and was down another 1.5% ahead of the US open. The market came under added pressure overnight from disappointing manufacturing data in China and Europe. Yesterday's data from the EIA showed a larger than expected distillate inventory decline of 1.709 million barrels. EIA distillate stocks stand at 22.332 million barrels below last year and 17.641 million below the five year average. Distillate imports came in at 71,000 barrels per day compared to 124,000 barrels the previous week. Average total distillate demand for the past four weeks was down 0.97% compared to last year. EIA heating oil stocks fell 419,000 barrels.