November heating oil prices traded higher during the initial morning hours, as they tried to consolidate yesterdays bearish outside day reversal. It is possible that some of the early morning support is coming from a positive outside market tone, as well as prospects that this week's distillate inventory data will show a draw in the range 500,000 barrels. However, the price action from yesterday's bearish reversal leaves the market with a bearish bias and chance for a deeper slide targeting last week's low $3.0612.
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