September heating oil prices traded lower during the initial morning hours and may have drafted some weakness from the slide in Brent crude oil. Reports earlier this morning forecasted a boost in the amount of idled US capacity, but that has provided little to support to the market so far. The Commitments of Traders Futures and Options report as of July 19th showed non-commercial traders were net long 33,997 contracts, an increase of 3,735. Non-commercial and nonreportable traders combined held a net long position of 47,583 contracts, an increase of 4,788 in the net long position held by these traders. Some traders viewed the more than 11% increase in net spec long positioning as a positive influence for September heating oil.
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