At least initially heating oil forged a fresh lower low on the charts overnight. However, with heating oil in the last COT positioning report registering a non-commercial and Non-reportable net long of only 6,600 contracts, one might suggest that heating oil prices have become much less vulnerable than either crude oil or RBOB prices. It should also be noted that nearby heating oil prices are already well below the October 2011 lows, and for soe tradersgetting short heating oil at current levels has become very unattractive.