July heating oil prices broke out to a new seven day high during the initial morning hours but have since pared a portion of those gains. Early gains in the market came from a positive outside market tone, weakness in the US dollar and a rally in Brent crude oil. The Commitments of Traders Futures and Options report as of June 5th showed non-commercial traders were net long 246 contracts, an increase of 326, which represents a change from a net short to net long position. Non-commercial and nonreportable traders combined held a net short position of 2,523 contracts, for a decrease of 2,609 during the report window.
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