August heating oil reversed an overnight rally to a higher high and fell to its lowest level since December 2010. Some traders were concerned over this negative reversal action. Meanwhile, the Commitments of Traders Futures and Options report as of June 19th showed non-commercial traders were net long 5,908 contracts, a decrease of 73. Non-commercial and nonreportable traders combined held a net long position of 6,557 contracts, for a decrease of 102 during the week.
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