July heating oil prices traded sharply lower overnight and made an early morning test of the October low of $2.5631. Some traders pointed to weakness in global markets and a sell off in Brent crude oil as forces driving prices lower. The Commitments of Traders futures and Options report as of May 29th showed non-commercial traders were net short 80 contracts, which represents a change from a net long to net short position. Non-commercial and nonreportable traders combined held a net short position of 5,132 contracts. These traders have gone from a net long to a net short position.